Class Notes (835,600)
Canada (509,275)
Geography (806)
GEOG 216 (241)
Lecture

How Economies are Organized

3 Pages
86 Views
Unlock Document

Department
Geography
Course
GEOG 216
Professor
Geraldine Akman
Semester
Fall

Description
How Economies are Organized - How decisions are made in terms of production + consumption - Who is it that decides what will be produced, how distrib, where, why? Types of economic sectors - Primary: ex, fishing, forestry, mining, agriculture - Secondary: ex, process, transform, fabricate, or assemble raw materials to s/other product - Tertiary: sale + exchange of g/s, (ex, retail, professional, education, health) - In indus soc, most workers earn $ in this sector - Quaternary: handling + processing of knowledge + information (ex, R & D) Patterns of production - Formal sector - Recog by the state (subject to law, regulation, taxation)  Taxes (gov revenues) can be used for public services + can contrib to econ growth - Small businesses to MNCs - Informal sector - S/ppl can at least get s/cash - By-pass state + gov doesn’t have revenue to establish infrastructure - Tend to be small +/fam operated - Subsistence farmers to urban sellers - Dualism - Tend to use term to describe poor nats - Exists when extremes of wealth + poverty live side by side in an econ  Ex: foreign/domestic elites alongside mass of poorer ppl - Public goods - G/s provide communally  Ex: national defense, roads, parks, education, health care Tasks of an economic society - Organize production of enough g/s to assure its survival - Arrange distrib of production so more production can take place - Answer: what, how, where, to whom (benefits), by whom (decides)? Modes of production and distribution - Systems w/distinct relationships among factors of production (ex: land, labour, capital) - Land: natural resources / Labour: workforce, un/skilled / Capital: machinery, investment (Capitalist) free-market economy - Location of decision-making - Decentralized producer + consumer sovereignty - Ownership + control of means of production - Individ entrepreneurs (private enterprises) control productive processes + market the surplus - S/times states involved in providing transportation + control certain industries to make sure products are provided to population (theoretically all controlled by entrepreneurs) - Private property rights - Allocative mechanism - Price mechanism used for consumer goods, land, labour, capital - Price is based on interaction b/w consumers + producers in the market (equilibrium) - Employees sell labour to earn $ to purchase necess g/s - Pattern of industry - Competition w/freedom of entry + exit - Free market reigned by most efficient producer - Spatial organisation - Spatially extensive trade (throughout nat, across borders…) - Examples: Canada, USA, nats of WEur Command economy - If d
More Less

Related notes for GEOG 216

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit