Topic 5 Flashcards
(28 cards)
What is the primary focus of economic geography?
Analyzing the spatial organization of economic systems
Economic geographers are interested in three interconnected questions
1) In what ways are economic activities organized spatially on the earth’s
surface, and how do such spatial forms or patterns change over time?
- Why are economic activities organized spatially in particular ways; that
is, what are the underlying processes at work? - How does the spatial organization of economic activities itself influence
economic and other social processes?
Term of Economic development
processes of
change involving the nature and composition of the economy of a particular region as well as to increases in
the overall prosperity of a region
3 types of changes for economical evolution
Changes in the structure of the region’s
economy (example, a shift from agriculture to
manufacturing);
Changes in forms of economic organization
within the region (for example, a shift from
socialism to free-market capitalism);
Changes in the availability and use of technology
within the region. Internal use
What Is GROSS DOMESTIC PRODUCT (GDP)
is an estimate of the total value of all materials , food stuffs, goods and services that are produced by a country in a particular year.
Gross National income (GNI)
Is a measure of the income that flows to a country from production wherever in the world that production occurs.
Why is it now common to compare national currencies based on Purchasing Power parity (PPP)
PPP measures how currency can purchase locally, including goods ans services that are not traded internationally.
Which factor contributed significantly to Singapore’s economic success?
Its strategic maritime location
What does globalization primarily impact in economic geography?
Trade, investment, and migration flows
What is a “global value chain”?
A sequence of interconnected economic activities across countries
What is the significance of infrastructure in economic geography?
It fosters economic connectivity
Which is a key concept in economic geography?
Space
What does “place” signify in economic geography?
The uniqueness of locations in their economic processes
Why is economic activity unevenly distributed globally?
Variances in historical development and natural resources
What are “primary economic activities”?
Activities like agriculture, mining, and fishing
What are secondary economic activities
Involves economic activities that generate finished products for consumption
What are the tertiary sector
This sector is responsible for services delivered to both the primary and secondary sector.
What is one limitation of using GDP for international comparisons?
It relies on currency values that vary across countries
Which term represents innovations affecting global production and distribution?
Technology systems
How do technological changes influence economic geography?
They create new economic centers and demands
Changes in world politics have affected the economic geography of
trade. Important changes that have occurred since then:
Disintegration of the former Soviet Union.
- Political and economic integration of Europe.
- Growing participation of China in the world economy
Why are peripheral countries vulnerable in global trade?
They rely heavily on a few export commodities
What challenge does “peak oil” present for future geographies?
Decreased energy production and increased prices
Which country has a significant quaternary sector?
Japan
