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Bell Ringer

Bell Ringer. Answer the following questions in a short paragraph: What is the condition of the US economy right now? Why is it in this condition? How does this affect you or your family?. Economic Geography. Objective:

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Bell Ringer

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  1. Bell Ringer • Answer the following questions in a short paragraph: • What is the condition of the US economy right now? • Why is it in this condition? • How does this affect you or your family?

  2. Economic Geography Objective: Students will be able to identify and distinguish b/w different types of economic systems from various regions.

  3. What is an Economy? What are goods and services? Production or exchange of goods and services by a group Goods – things to be traded, bought, or sold Services – things people do for others in exchange for payment Labor – work force, the workers

  4. What is Supply and Demand? • Supply – how much is available from market • Demand – how much is wanted by consumers

  5. 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.

  6. 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 bordersover one year. This is a good indicator of the size of a country’s economy. Examples (2010 est.) USA – $14.5 trillion Mexico – $1.0 trillion Japan – $5.4 trillion China - $5.8 trillion Sudan - $0.07 trillion

  7. 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

  8. What is Infrastructure? Basic support system to keep or start an economy going • Roads • Electricity • Water • Airports • Ports • Trains

  9. What are the 4 Economic Employment Sectors? Different levels of employment (jobs) based on variety of factors • Education level required to perform task • Location (geographic – available resources) • Location (to appropriate market)

  10. Gathering raw materials – natural resources taken from the earth Example: Mining, Fishing, Farming Primary Employment Sector

  11. Secondary Employment Sector • Manufacturing / Industry - Adding value to raw materials by changing their form • Example: Iron changed into an automobiles

  12. Tertiary Employment Sector • Business or professional services • Example: teachers, retail salespeople, doctors

  13. Quaternary Employment Sector • Provide info, research, management, etc. by highly trained personnel • Managers, scientists, software designers

  14. What are the 4 basic types of economic systems? • Traditional • Command • Market • Mixed

  15. Traditional Economy- Goods and services are exchanged without money-Also called “Barter”-Example: Primitive societies

  16. Market Economy • Goods and services are determined through Supply and Demand • Also called “Free Market Economy” or “Capitalism”. • Example: United States, in theory

  17. Command Economy • Production of goods and services determined by the government. • Also called “Planned Economy” • Example: Communist countries

  18. Mixed Economy • Combination of command and market economies • Goods and services for benefit of all • Example: Japan, Peoples’ Republic of China

  19. Economic Stages of Development

  20. 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

  21. 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

  22. 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: India Mexico

  23. 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

  24. Picture A Picture C Which picture best fits each economic level? Picture D Picture B

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