GEOG 216 Lecture Notes - Foreign Direct Investment, Mark Zuckerberg, Physical Capital

• School: McGill University
• Department: Geography
• Course: GEOG 216
• Professor: Geraldine Akman

Document Summary

Goods: tangible (ex: commodities) / services: intangible (ex: retail) Resources = scarce relative to human"s unlimited desire for different products. Always have to make trade-offs (can do so through land, labour, capital) Relative abundance: wages tend to be lower / scarcity: relates to higher wages (cost) Tends to depend on provision of public goods provided by gov (health care, edu) S/nats richer, s/poor: look at things that make labour force more productive in wealthier nat. Skill levels: unskilled, semi-skilled, sci + tech knowl, indig (local, unwritten) knowl. Able to be extremely productive + create techs that create a lot of wealth. For econ to grow, necess to have access s/$ to purchase machinery, set up indus, etc. Access to $ through nat savings, external loans/aid, +/foreign direct investment. Poorer nats: takes time for formal, trustworthy banking sys put into place. $ in bank to loan to ppl who want to create businesses.