economic disparity
the contradiction between rich and poor living side by side
- caused because wealth is distributed unequally
economy
sum of all the economic activites that take place in a country
economic activites
are processes that help produce wealth and maintain quality of life
what are some activites that are part of the money economy
all the processes of extracting, producing, distributing, consuming , servicing and conserving resources
non money economy activites
- harder to determine economic value
- unpaid actives ex. housework, volunteering, learning
- natural environment ex natural processes, water, plants
agglomeration
concentration of particular industries in one place
traditional general sequence of changes for economic change
traditional economies transform into developing economies and in time to developed economies
traditional economies
- depends largely on primary industries like farming
- only a few workers involved in other sectors
- consume what they produce
- gov is in the hands of the people in society with wealth
- formal education is poor, kids learn traditional skills w/ parents
- technology generally relies on animal and human labour
- society is very structured w/ few wealthy, many poor
developing economies
- most countries has already evolved into this beacuse of technological inovations such as the industrial revolution
- developing infrastructure including a banking system
- gov expands effort to create conditions where change may occur
- basic literacy is seen as crutical to the development of the country, public education developed
- technologies encourage mechanization and industrialization, employment increasing in manufacturing, decreasing in primary sector
- people with initiative & inovative ideas lead economic change
developed economies
- primary sector is small, secondry strong but less dominent that tertiary sector
- country experiences mass consumption of material goods and services
- capitalism is the economic model
- gov are stable and democratic with freedom of speech
- technological changes require a highly trained workforce
- technology changes quickly with computers leading the way to automation
- most people have a high standard of living and consumer large amounts of goods and services
some factors in encouraging development and creating wealth
- avaliable natural resources
- stable political system
- literate population
- open attitutde towards change and progress
factors that appear to be connected with a lower level of economic development
- having been a colony in the 20th century
- current high levels of gov debt
- ongoing domestic and international conflict
- political and economic corruption (including bribery and the black market)
how is development a revolutionary process
because it involves rapid changes and disruption
ex experiencing internet via satellite before seeing a tv or phone
obstacles that developing regions face in expanding their use of internet
- no acess to telephones - a common method of delivery, technology is outdated and canout meet speed and volume demands
- low incomes put computer ownership out of the reach of families
- people must know english
agribusiness
farm businesses owned by large corporations controlled by shareholders
- produce specialized products to meet industrial demands
scarcity
resources such as human labour and natural resourses are limited in supply and should be used in the most efficient way possible
- what economic desisions are based on
decentralization
the process of moving encomic opportunites out of the core to the preiphery
- tries to force prosperity from the centre out to the edges of the region
