Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded...
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Transcript of Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded...
![Page 1: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/1.jpg)
Economic Geography
![Page 2: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/2.jpg)
Economic Systems
• Traditional Economy (barter) – Goods and Services are traded without exchanging money
• Command Economy – Production of goods and services is determined by a central government (communism, socialism)
• Market Economy – Production of goods and services is determined by the demand from consumers (demand, capitalism)
• Mixed Economy – A combination of command and market economies to provide goods and services so that all people will benefit
![Page 3: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/3.jpg)
The Economic Scale
Market Mixed Command
![Page 4: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/4.jpg)
Levels of Economic Activities
![Page 5: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/5.jpg)
Levels of Economic Activities
• Primary – Gathering and selling raw materials (selling trees)
![Page 6: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/6.jpg)
Levels of Economic Activities
• Secondary – Adding value to raw materials by changing (manufacturing) their form (lumber, paper, furniture)
![Page 7: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/7.jpg)
Levels of Economic Activities
• Tertiary – Selling services (driving the lumber from the mill to the customer)
![Page 8: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/8.jpg)
Levels of Economic Activities
• Quaternary – Provide information management, and research services by highly trained persons
![Page 9: Economic Geography. Economic Systems Traditional Economy (barter) – Goods and Services are traded without exchanging money Command Economy – Production.](https://reader036.fdocuments.in/reader036/viewer/2022062321/56649e745503460f94b75608/html5/thumbnails/9.jpg)
Measuring Economic Development
• Per capita income – The average amount of money earned by each person in a political unit
• Gross National Product – The total value of goods and services produced by a country in a given time
• Gross Domestic Product – The total value of all goods and services produced WITHIN a country in a given time.