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