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GEO108 Exam review

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Ryerson University
GEO 108
Jeanne Maurer

Different economic measures: 1. Measure of Economic Wealth (MEW)  Developped in 1972 by Nordhaus and Tobin  Serves as a basis for many other measures of economic welfare  Displays pollution, crime and household work 2. Index of Economic Well-being  Provides weighted average for 4 main components: Wealth, Consumption, poverty/unemployment, inequality 3. Genuine Progress Indicator (GPI)  Takes into account different kinds of capital  Takes into account resource depletion, pollution, defensive expenditures, cost of recovery/disaster, GDP and more  Been used in Australia and Atlantic Canada 4. Index of Sustainability of Economic welfare (ISEW)  Takes into account Defensive expenditures, Domestic Work, and environment  In addition it tries to display the inequalities of economic distribution 5. Human Development Index (HDI)  Made by UN  Takes into account 3 main areas: Standard of living, knowledge and health 6. Happy Planet Indicator (HPI)  Revolves around resources 7. Gross National Happiness (GNH)  Tries to protect environment, share prosperity and protect culture Globalization Globalism  Dynamic (always changing)  Boarder Widening  Permeable borders  Intentional strategy  Anti State  Countries work together by  Cultures and countries pushing social, exchanging to benefit themselves economical, cultural and politically into other  Deal with competitive advantage countries with increasing influence Localization Localism  Boarder heightening  Supports domestic production and  Culture protecting consumption Fragmegration – Refers to the contrast between globalization and localization. Concludes that globalization can be slowed but it will ultimately win the battle Convergence – The idea that poorer economies (developing economies) actually grow faster than developed countries. It deals with product duplication like Japan with electronics. Divergence – Opposite of traditional economy, example: Congo Miscellaneous: Carrying capacity – The maximum population (of human and non-human beings) that a certain area can support Sustainable Development – Meeting the needs of today without compromising the needs of tomorrow Total Resource Demand = Population + Expectations (what is a good standard of living) + Attitud
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