bell ringer answer the following questions in a short paragraph: 1.what is the condition of the us...
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Bell Ringer
• Answer the following questions in a short paragraph:
1. What is the condition of the US economy right now?
2. Why is it in this condition?
3. How does this affect you or your family?
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Economic Geography
Objective:
Students will be able to identify and distinguish b/w different types of economic systems from various regions.
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What is an Economy?Production or exchange of goods and services by a group
What are goods and services?Goods – things to be traded, bought, or soldServices – things people do for others in exchange for payment
Labor – work force, the workers
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What is Supply and Demand?
•Supply – how much is available from market •Demand – how much is wanted by consumers
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What is the “Law of Supply and Demand”?
• As supply increases, price goes down.
• As demand increases, price goes up.
• How much something costs is mainly a function of these two factors.
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What are GNP and GDP?GNP – “Gross National Product”
Total value of all goods and services by a country over one year. Includes facilities overseas owned by domestic companies.
GDP – “Gross Domestic Product”
Total value of all goods and services within a country’s borders over one year. This is a good indicator of the size of a country’s economy.
Examples (2010 est.)USA – $14.5 trillionMexico – $1.0 trillionJapan – $5.4 trillionChina - $5.8 trillionSudan - $0.07 trillion
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What is Per Capita GDP?• GDP per 1000 people, how “wealthy” the country is.
• Roughly the amount of $$$ earned per person in a political unit per year. Similar to “Per Capita Income”, but not exactly the same.
• Examples? U.S. = $47,000 Mexico = $14,000 Japan = $33,000 China = $7,500 Sudan = $2300
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What is Infrastructure?Basic support system to keep or start an economy going
• Roads
• Electricity
• Water
• Airports
• Ports
• Trains
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What are the 4 Economic Employment Sectors?Different levels of employment (jobs) based on variety of factors
1. Education level required to perform task2. Location (geographic – available resources)3. Location (to appropriate market)
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• Gathering raw materials – natural resources taken from the earth
• Example: Mining, Fishing, Farming
Primary Employment Sector
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• Manufacturing / Industry - Adding value to raw materials by changing their form
• Example: Iron changed into an automobiles
Secondary Employment Sector
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• Business or professional services
• Example: teachers, retail salespeople, doctors
Tertiary Employment Sector
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• Provide info, research, management, etc. by highly trained personnel
• Managers, scientists, software designers
Quaternary Employment Sector
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What are the 4 basic types of economic systems?
• Traditional• Command• Market• Mixed
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•Traditional Economy
- Goods and services are exchanged without money
-Also called “Barter”
-Example: Primitive societies
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Market Economy• Goods and services are determined through Supply and Demand• Also called “Free Market Economy” or “Capitalism”. • Example: United States, in theory
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• Production of goods and services determined by the government.• Also called “Planned Economy”• Example: Communist countries
Command Economy
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Mixed Economy
• Combination of command and market economies
• Goods and services for benefit of all
• Example: Japan, Peoples’ Republic of China
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Economic Stages of Development
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Least Developed Country• GDP: Nearly none – collaped.
• Per Capita Income: Very Low (less than $1000/yr)
• Employment Sectors: “Primary” if any at all
• Infrastructure: Very little to none– Lack of electricity– Lack of clean water– Lack of roads, Airports, Ports
• Quality of Life: In crisis, collapsed infrastructure and economy.
• Examples: Afghanistan, Somalia, Haiti
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Developing Country
• GDP: Low
• Per Capita Income: Low
• Employment Sectors: Mostly “Primary”
• Infrastructure: Relatively little– Lack of electricity– Lack of clean water– Lack of roads, Airports, Ports
• Quality of Life: Low, little literacy, nutrition, or medical care
• Examples: Burma, Jamaica, El Salvador
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Newly Industrialized Country (NIC)• GDP: Low/Medium but increasing
• Per Capita Income: Low/Medium but increasing
• Employment Sectors: “Primary” shifting to “Secondary” to varying degrees
• Infrastructure: Increasing– Things are being built as wealth increases– Long process, very expensive
• Quality of Life: Still low in most places, but improving in many ways
Examples: IndiaMexico
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Developed Country• GDP: High
• Per Capita Income: High
• Employment Sectors: Mostly “Tertiary” and “Quaternary”
• Infrastructure: Strong– High amount of roads, Airports, Ports– Clean water systems– Electricity available to all
• Quality of Life: High, with good nutrition, medical care, education
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Which picture best
fits each economic
level?
Picture A
Picture B
Picture C
Picture D