Economic Geography terms

Needs or wants exceed means. Therefore people have to make choices

Is the result of scarcity, forcing us to make choices. The value of the next best alternative

the factor of production, used to create goods or services

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

Cost of Living Allowance/adjustment

An economy where supply and price are regulated by the government rather than market forces.

the act of competing; rivalry for supremacy, a prize, etc

Use of final goods by a consumer until disposal

a formal business association with a publicly registered charter recognizing it as a separate legal entity having its own privileges

an organization of workers that have banded together, often for the purpose of getting better working conditions or pay

the value of money that has been used up to produce something, and hence is not available for use anymore

that which is owed

the amount by which a sum of money falls short of the required amount

a decrease in the general price level of goods and services

the desire to own anything, the ability to pay for it, and the willingness to pay

a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession

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.

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

derived from the conceptual meaning as to ship the goods and services out of the port of a country.

the use of government expenditure and revenue collection to influence the economy

a system of trade policy that allows traders to act and or transact without interference from government

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

a product that can be used to satisfy some desire or need. More narrowly but commonly, a good is a tangible physical product

the market value of all products and services produced in one year by labor and property supplied by the residents of a country

the work effort of human beings.

to bring in the goods and services into the port of a country

a rise in the general level of prices of goods and services in an economy over a period of time

AKA Human capital - the work effort of human beings.

an organization of workers that have banded together to achieve common goals such as better working conditions.

the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales

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

the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers

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

All natural resources - (Geographers refer to it as primary economic activity)

• Mining
• Lumbering

something that is necessary for organisms to live a healthy life

Non-Government Organization

an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals

the quantity of payment or compensation given by one party to another in return for goods or services

the act or process of producing something

Business activities unregulated by state ownership or control; privately owned business.

Privately someone is offering goods or services for sale, private enterprise

Provided to the entire public generally by the government… Non-profits

Privately someone is offering goods or services for sale, private enterprise)

Provided to the entire public generally by the government… Non-profits)

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

any physical or intangible entity that is owned by a person or jointly by a group of people.

a share or proportion which each of a number is called upon to contribute, or which is assigned to each

A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters

any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit from it.

penalties or other means of enforcement used to provide incentives for obedience with the law, or with rules and regulations

an economic and political theory advocating public or common ownership and cooperative management of the means of production and allocation of resources.

the amount of some product which is available to customers

a tax levied on imports or exports

a catch-all term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture

defined by the International Labour Organization, occurs when people are without jobs and they have actively looked for work within the past four weeks

something that is desired