Economic Geography terms

  1. Scarcity
    Needs or wants exceed means. Therefore people have to make choices
  2. Opportunity cost
    Is the result of scarcity, forcing us to make choices. The value of the next best alternative
  3. Capital
    the factor of production, used to create goods or services
  4. Capitalism
    an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
  5. COLA
    Cost of Living Allowance/adjustment
  6. Command Economy
    An economy where supply and price are regulated by the government rather than market forces.
  7. Competition
    the act of competing; rivalry for supremacy, a prize, etc
  8. Consumption
    Use of final goods by a consumer until disposal
  9. Corporations
    a formal business association with a publicly registered charter recognizing it as a separate legal entity having its own privileges
  10. Union
    an organization of workers that have banded together, often for the purpose of getting better working conditions or pay
  11. Cost
    the value of money that has been used up to produce something, and hence is not available for use anymore
  12. Debt
    that which is owed
  13. Deficit
    the amount by which a sum of money falls short of the required amount
  14. Deflation
    a decrease in the general price level of goods and services
  15. Demand
    the desire to own anything, the ability to pay for it, and the willingness to pay
  16. Depression
    a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession
  17. Division of Labor
    An approach to the completion of a complex task which involves breaking the task into a number of simpler tasks and assigning these tasks to specialists who generally perform only their assigned task.
  18. Exchange Rate
    between two currencies specify how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency
  19. Exports
    derived from the conceptual meaning as to ship the goods and services out of the port of a country.
  20. Fiscal Policy
    the use of government expenditure and revenue collection to influence the economy
  21. Free Trade
    a system of trade policy that allows traders to act and or transact without interference from government
  22. Globalization
    describes the process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade
  23. Good
    a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product
  24. Gross National Product (GNP)
    the market value of all products and services produced in one year by labor and property supplied by the residents of a country
  25. Human capital
    the work effort of human beings.
  26. Imports
    to bring in the goods and services into the port of a country
  27. Inflation
    a rise in the general level of prices of goods and services in an economy over a period of time
  28. Labor
    AKA Human capital - the work effort of human beings.
  29. Labor unions
    an organization of workers that have banded together to achieve common goals such as better working conditions.
  30. Marketing
    the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales
  31. Market
    any one of a variety of systems, institutions, procedures, social relations and infrastructures whereby businesses sell their goods, services and labor to people in exchange for money
  32. Minimum wage
    the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers
  33. Monetary Policy
    the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability
  34. Natural capital (land capital)
    All natural resources - (Geographers refer to it as primary economic activity)

    • Mining
    • Lumbering
  35. Need
    something that is necessary for organisms to live a healthy life
  36. NGO
    Non-Government Organization
  37. Non-Profits
    an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals
  38. Price
    the quantity of payment or compensation given by one party to another in return for goods or services
  39. Production
    the act or process of producing something
  40. Private enterprise
    Business activities unregulated by state ownership or control; privately owned business.
  41. Private goods
    Privately someone is offering goods or services for sale, private enterprise
  42. Public goods
    Provided to the entire public generally by the government… Non-profits
  43. Private services
    Privately someone is offering goods or services for sale, private enterprise)
  44. Public services
    Provided to the entire public generally by the government… Non-profits)
  45. Private Ownership
    Private property is the tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, and can only be transferred with the owner's consent
  46. Property
    any physical or intangible entity that is owned by a person or jointly by a group of people.
  47. Quotas
    a share or proportion which each of a number is called upon to contribute, or which is assigned to each
  48. Recession
    A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters
  49. Resources
    any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit from it.
  50. Sanctions
    penalties or other means of enforcement used to provide incentives for obedience with the law, or with rules and regulations
  51. Socialism
    an economic and political theory advocating public or common ownership and cooperative management of the means of production and allocation of resources.
  52. Supply
    the amount of some product which is available to customers
  53. Tariff
    a tax levied on imports or exports
  54. Traditional economy
    a catch-all term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture
  55. Unemployment
    defined by the International Labour Organization, occurs when people are without jobs and they have actively looked for work within the past four weeks
  56. Wants
    something that is desired
Card Set
Economic Geography terms