Geography 5 2 Part 2

Geography 5 2 Part 2 - GEOG 5 Fall 2011 People Place...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: GEOG 5 Fall 2011 People, Place, Environment Study Guide for Exam 2 definition of economics-study of production, distribution, consumption, of commodities-value; commodities, goods, services- can be bought, sold, traded; subsistence: econ activites for families, social groups with currency without large accumulations of wealth; commercial:buying, selling-price, production, free to vary-ppl make decisions on what they want to do for econ activity; planned economies: econ sys influenced by some form of gove-fees you have to pay, wage limits, insurance; market control mechanism-supply and demand; supply-demand curves (yea!):relationship that varies depending on price vs quantity. Supply goes up when price goes up; market equilibrium: point where demand and supply meet; assumption of economically rational behavior:maximize profit, producers will max profit, minimize costs as consumer max quality, min price-value; categories (sectors) of economic activities: primary:direct harvesting from earth; forrestry,...
View Full Document

This note was uploaded on 11/20/2011 for the course GEOG 5 taught by Professor Montello during the Fall '07 term at UCSB.

Ask a homework question - tutors are online