Economic Geography Flashcards
Economy
the wealth and resources of a country, especially with the production of goods and services
Industrialization
When a country moves from mainly agriculture to manufactured goods
Primary to Secondary
GDP
Gross Domestic Product
Total value of all goods within a country
GDP Per Capita
Gross Domestic Product Per Capita
Approximation of the value of goods produced per person in a country
3 Country Classifications
Periphery- less developed, low GDP, lack of infrastructure
Semi-periphery- developing countries, increased GDP, improved infrastructure
Core- developed, high GDP, varied economy, variety of institutions
Infrastructure
Basic support system of an economy
Managed by government
Good infrastructure = good economy
GMOs/how they affect us
Genetically Modified Organisms
They are put into almost all of our foods and are causing America to be obese. Make up majority of the U.S. diet
Traditional Economy
Goods traded without money
Ex: San Blas Islands
Market Economy
Production is determined by demand
Ex- Hong Kong and Singapore
Mixed Economy
Combination of command and market
Ex: United States
Command Economy
Government controls all production
Ex: Cuba and North Korea
More resources =
More money
5 Economic Activity Levels
Primary- raw materials
Secondary- manufacturing
Tertiary- business or professional services
Quaternary- research services, highly trained personal
Quinary- high level decision making
Cash Crops
- crops grown purely for money
- for manufacturing
Entrepreneurs
A person who organizes and operates a business, taking on greater than normal financial risks in order to do so
