GEO212 Contemporary Economic Geography Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What are the two measures most commonly used to evaluate a country's level of wealth?

Gross Domestic Product (GDP) and Gross National Income (GNI).

What are the fundamental differences between traditional locational theorists and modelling economic geographers?

Traditional locational theorists focus on the optimal location choices based on factors like cost, whereas modelling economic geographers use quantitative models to simulate economic patterns and behaviors.

Define 'Sustainable Development.'

Sustainable Development refers to development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Differentiate between renewable and non-renewable resources.

Renewable resources can be replenished naturally over short periods, such as solar and wind energy. Non-renewable resources are finite and take millions of years to form, such as fossil fuels and minerals. Signup and view all the answers

What is Purchasing Power Parity (PPP)?

PPP is an economic theory that compares different countries' currencies through a basket of goods approach. Signup and view all the answers

Describe the contrast between the Fordist and post-Fordist corporate structures in the manufacturing industry.

Fordist structures are characterized by mass production, specialization, and rigid, hierarchical management, whereas post-Fordist structures emphasize flexibility, decentralization, and a focus on customization and innovation. Signup and view all the answers

What is Contemporary Economic Geography and how does it fundamentally differ from Economics?

Contemporary Economic Geography studies the spatial aspects of economic activities and examines the socio-economic impacts on different regions, whereas Economics is primarily focused on theories and principles regarding the production, distribution, and consumption of goods and services. Signup and view all the answers

What are the two most commonly used measures to evaluate a country's wealth?

Gross Domestic Product (GDP) and Gross National Income (GNI). Signup and view all the answers

Describe Subsistence, Commercial, and Planned economies.

Subsistence economy: Production is primarily for the producer's use. Commercial economy: Production is for market sale. Planned economy: Government controls and plans production and distribution. Signup and view all the answers

What is the difference between renewable and non-renewable resources?

Renewable resources can regenerate naturally over time, such as solar energy. Non-renewable resources are finite and cannot be easily replenished, such as coal. Signup and view all the answers

What is Sustainable Development?

Sustainable Development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Signup and view all the answers

What are Agglomeration Economies?

Agglomeration Economies refer to the benefits that firms obtain by locating near each other. The three types are: Urbanization economies, Localization economies, and Economies of scale. Signup and view all the answers

What is Commercial Agriculture?

Commercial Agriculture is the large-scale production of crops and livestock for sale, focused on maximizing profit. Signup and view all the answers

How do GDP and GNP measure a country's wealth?

GDP measures the total value of goods and services produced within a country, while GNP includes GDP plus net income from foreign investments. Signup and view all the answers

Explain the role of downstream activities in resource profit margins.

Downstream activities add value by processing raw materials into final products, increasing profit margins. Signup and view all the answers

What are some challenges facing the agricultural sector today?

Challenges include climate change, soil degradation, water scarcity, and market volatility. Signup and view all the answers

Name the three types of economic systems.

The three types are capitalism, socialism, and mixed economy. Signup and view all the answers

What are some sustainable approaches to urban transport?

Sustainable approaches include public transportation, cycling infrastructure, and carpooling schemes. Signup and view all the answers

What is sustainable development?

Sustainable development meets present needs without compromising future generations' ability to meet their own needs. Signup and view all the answers

What does Purchasing Power Parity (PPP) mean?

PPP is an economic theory that compares different countries' currencies through a basket of goods approach. Signup and view all the answers

Study Notes

Contemporary Economic Geography

Defined as the study of the spatial distribution of economic activities and the ways in which people, goods, and services move around the world
Fundamentally different from Economics, as it focuses on the spatial aspects of economic activities and their relationships with the environment and society

Types of Economies

Subsistence economies: focus on producing goods and services for local consumption, often with limited trade and commerce
- Examples: rural communities, tribal societies
Commercial economies: focus on producing goods and services for sale in markets, often with extensive trade and commerce
- Examples: industrialized countries, market-based economies
Planned economies: focus on producing goods and services according to a central plan, often with significant government control
- Examples: socialist countries, command economies

Evaluating a Country's Wealth

Two measures commonly used: Gross Domestic Product (GDP) and Gross National Product (GNP)
GDP measures the total value of goods and services produced within a country's borders
GNP measures the total value of goods and services produced by a country's citizens, regardless of where they are produced

Renewable and Non-Renewable Resources

Renewable resources: can be replenished naturally over time, such as solar energy, wind energy, and forest resources
Non-renewable resources: cannot be replenished naturally over time, such as fossil fuels, mineral deposits, and groundwater

Sustainable Development

Defined as meeting the needs of the present without compromising the ability of future generations to meet their own needs
Involves balancing economic, social, and environmental goals

Globalization

Defined as the increasing integration of economies and societies around the world
Can be seen as a myth or reality, depending on one's perspective
Involves the flow of goods, services, ideas, and cultures across national borders

Agglomeration Economies

Defined as the concentration of industries in specific locations, leading to efficiency gains and cost savings
Three types: urbanization economies, localization economies, and urban agglomerations
Urbanization economies: occur when firms locate in cities to take advantage of a large labor pool and infrastructure
Localization economies: occur when firms locate in specific industries to take advantage of specialized labor and supplier networks
Urban agglomerations: occur when firms locate in cities to take advantage of a combination of urbanization and localization economies

Transportation and Urbanization

The increased use of motor cars has led to urban transport problems, such as congestion and air pollution
Possible solutions include: improving public transportation, promoting walking and cycling, and implementing traffic management strategies

Traditional Locational Theorists vs. Modelling Economic Geographers

Traditional locational theorists: focus on the location of economic activities based on factors such as transportation costs, labor costs, and market access
Modelling economic geographers: use mathematical models to analyze the location of economic activities and the relationships between economic and environmental variables

Service Sectors

Three types: primary, secondary, and tertiary
Primary sector: involves the extraction of natural resources, such as mining and agriculture
Secondary sector: involves the processing and manufacturing of goods, such as construction and manufacturing
Tertiary sector: involves the provision of services, such as education, healthcare, and finance