GEOG 216 Lecture Notes - Consumer Sovereignty, Informal Sector, Free Market

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How decisions are made in terms of production + consumption. 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) Recog by the state (subject to law, regulation, taxation) Taxes (gov revenues) can be used for public services + can contrib to econ growth. By-pass state + gov doesn"t have revenue to establish infrastructure. 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. Ex: national defense, roads, parks, education, health care. Organize production of enough g/s to assure its survival. Arrange distrib of production so more production can take place. Systems w/distinct relationships among factors of production (ex: land, labour, capital)

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