1. ECONOMIC GEOGRAPHY

2. WHAT DO YOU MEAN BY ECONOMY?
Making and exchanging goods and services
-like Nike shoes
-or, hiring a lawn
service

3. BUT HOLD ON; IT’S NOT THAT SIMPLE
There are different types of “economic systems”

4. TRADITIONAL ECONOMY
Making enough for self and family, little surplus to sell
$ rarely used, just trade stuff
-“bartering”

5. MARKET ECONOMY Production of goods is based on making a profit
-determined by consumer demand
(supply and demand)
-little government involvement (like in USA)

6. COMMAND ECONOMY
The government decides what is made, how much is made, & the price
-not based on
consumer demand
Found in communist
countries like Cuba

7. LEVELS OF ECONOMIC DEVELOPMENT
Developing- mainly farming,
few factories, weak economy, poor countries
Developed-
farming & industry,
strong economy,
high literacy
and education

8. MEASURING ECONOMIC DEVELOPMENT
GDP
-total value of all goods
made in a country
Per capita income
-average amount of $
per person in a country

9. MEASURES, CON’T. Natural resources -type, amount, Standard of living
accessibility
Standard of living
-literacy rate, life expectancy,
#of doctors, etc.

10. THE GLOBAL ECONOMY Interdependent
-countries are closely connected and dependent on one another