1. 4.5 Economic Geography

2. Types of Economic Activities Traditional Economy- Goods/Services traded without exchanging $ Traditional Economy- Goods/Services traded without exchanging $ Command Economy- Production of Goods/Services determined by central gov’t Command Economy- Production of Goods/Services determined by central gov’t Market Economy- Production determined by consumer demand Market Economy- Production determined by consumer demand Mixed Economy- Combination of Market and Command Mixed Economy- Combination of Market and Command

3. Levels of Economic Activity Primary Activities- Gathering raw materials Primary Activities- Gathering raw materials Secondary Activities- Adding value to raw materials. Auto manufacturing Secondary Activities- Adding value to raw materials. Auto manufacturing Tertiary Activities- Providing business or professional services. Doctors, Teachers Tertiary Activities- Providing business or professional services. Doctors, Teachers Quaternary Activities- provide info, mgmt, and research by highly-trained persons Quaternary Activities- provide info, mgmt, and research by highly-trained persons

4. Natural Resources Materials on earth that have economic value Materials on earth that have economic value Renewable- Replaced through natural processes. Renewable- Replaced through natural processes. Non-renewable- cannot be replaced once they have been used Non-renewable- cannot be replaced once they have been used Inexhaustible energy sources- power that is unlimited in quantity Inexhaustible energy sources- power that is unlimited in quantity

5. Economic Support Systems Infrastructure is the basic support system needed to keep an economy going Infrastructure is the basic support system needed to keep an economy going Transportation Transportation Communication Communication Technology Technology

6. Measuring Economic Development Per Capita income- the average amount of $ earned by each person Per Capita income- the average amount of $ earned by each person Gross national product (GNP)- total value of goods and services produced by a country over a year. Can occur outside a country Gross national product (GNP)- total value of goods and services produced by a country over a year. Can occur outside a country Gross domestic product (GDP)- Total value of goods and services produced within a country Gross domestic product (GDP)- Total value of goods and services produced within a country