2 Natural ResourcesMaterials in the natural environment that people value and use to satisfy their needs.Give some examples of natural resources you use on a daily basis.
3 Geographers Study: 1. The ways that people use world resources. 2. Where resources are located.3. How resources are distributed.4. How the use of resources affect the earth.
4 Renewable Resources Regenerated or replaced by the environment Soil WaterSunWind
5 Renewable energy sources Water Power: energy from falling water to power machines to generate electricityGeothermal Energy: produced from the earth’s internal heatSolar Energy: produced from the sun’s radiationWind Power: conversion of wind energy to generate electricity
19 Economic Activities2. Secondary Economic Activities: people use raw materials to produce new products of greater valueExamples: pressing wheat to make flour, manufacturingCottage Industry VS Commercial Industry
20 Economic Activities3. Tertiary Economic Activities: do not directly gather or process raw materials – instead they pursue activities that serve othersExamples: doctors, salespeople, truck drivers, firefighters, police
21 Economic Activities4. Quaternary Economic Activities: acquisition, processing, and sharing of informationExamples: education, government, information processing, research, Lawyers
26 Global Trade Patterns Exports: goods sent out of the country Imports: goods brought into the countryGovernments attempt to maintain a balanceDeficit = domestic businesses lose profits/fail, unemployment rises, nation’s debt to other countries rises
27 Economic SystemsTraditional Economy – families produce what they need - (personal use/little trade)Market Economy – (Free enterprise) – Capitalism Private individuals/groups decide what to produce, how much to produce, and at what priceLaw of supply and demand
28 Economic SystemsCommand Economy – controlled by a single, central governmentEconomic decisions made by government leaders (what and how much to produce at what price)Decisions made to achieve social or political goals (Communism)
29 Economic Systems Mixed Economy – mixture of all three Socialism Government should run some industriesGovernment should provide some goods and servicesTo pay for services, usually impose high taxes
30 Economic Development Developed: Modern industrial societies High standard of living, higher education levels, live longerDigital technologies, communications, transportation
31 Economic Development Underdeveloped: lower levels of prosperity Lack adequate industries and modern technologyDepend on developed countries for manufactured goods
32 Economic DevelopmentDeveloping: show evidence of political, economic, and social progressOne measure – per capita Gross Domestic Product (GDP)Total value of goods and services produced in a country in a year/total population
34 Quiz (18 points)1. Why has the world’s population increased rapidly over time?2. How is population density calculated?3. List the 4 economic activities and give an example of each.4. List and describe 3 economic systems used in the world.5. What is wrong with having a deficit when it comes to importing and exporting?