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Level 9

Geographical Views of the Economy


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Contour interval
vertical distance separating two adjacent contour lines
spatial
pertaining to the space on the Earth's surface
landscape
the overall appearance of an area
relative location
the location of one place compared to another place
absolute location
the exact location of something
Latitude
Runs East and West
Longitude
Runs North and South
Prime Meridian
What is the name of the line that separates the eastern and western hemisphere?
region
the third theme of geography as defined by the Geography Educational National Implementation Project; and area on the Earth's surface marked by a degree of formal, functional, or perceptual homogeneity of some phenomenon
Broadacre.
What was Frank Lloyd Wright's city plan called (which is on display in a museum in Phoenix)?
landform
a natural feature found on land
Climate
The average weather that occurs in a given region over a long period-typically over several decades
resource
a material that can be used to produce crops or other products
Confronting
A means of bringing something to a person's attention that they aren't paying attention to. NOT intended to be adversarial.
Y=ALK
Cobb-Douglas Production Function
labor requires energy and materials
law of thermodynamics and law of conservation of matter
1.biogeochemical cycles
4 steps in the production of good or service
biogeochemical cycles
provide natural resources
building envelope
the exterior surface of a building's construction; the walls, windows, roof and floor. Also referred to as "building shell"
Bill Gates
Give example of Entrepreneurship
types of waste
1. material waste
material waste
post consumer
Arab oil embargo:
Pressure nations that supplied arms to Israel. Drove economy into a 2-year recession.
waste assimilation
ability of environment to absorb, detoxify and disperse waste
affluence
economic growth
GNP
Includes things produced by American companies outside of America
Aurora
Resides in Thermosphere. Northern and Southern lights. Occurs when solar flares hit the magnetosphere
steady-state economy
there is a point when cost=benefit
tragedy of the commons
lack of property rights
rivalry
consumption by one person prevents consumption by someone else
central business district
The downtown or nucleus of a city where retail stores, offices, and cultural activities are concentrated; building densities are usually quite high; and transportation systems converge
Change
To make different. Some changes are predictable and re-occur (are cyclic). Change is natural and ongoing
Physical Capital
METTTS that are used to produce goods
Human Capital
Skills acquired through experience
Natural Resources
Inputs into production that are provided by nature
Technological Knowledge
Society's understanding of how to use tech.
The Harrod-Domar Growth Model
(proves that capital is used in division of labor)
Class Rule
Students will solve their own problems (with the guidance of the teacher)
Bond (Market)
Certificate of indebtedness Loan that will be repaid fully (date of maturity) after its term, paying interest until then.
16% remains, 84% absorbed
light penetration at 10 m
Stock (Market)
A claim to partial ownership in a firm Pays dividends
cladistics
method of deconstructing evolutionary history (phylogeny) of a taxon by identifying the branching sequences of differentiation through analysis of shared and derived character states
Banks
Take savings and make loans
Mutual Funds
Sells shares to the public and uses the proceeds to create a stock/bond portfolio
The formula for GDP
Y = C + I + G + NX
Closed Economy
No trade with other countries
Open Economy
Trades with other countries
Natural Rate of Unemployment
Amount of unemployment typically experienced by a country
a more/mores
a custom with a strong moral overtone eg, taboo, forbidden behaviour
Unemployed
People who were able and looking for work in the last 4 weeks but unable to find any.
Not in the Labor Force
Fit neither of other categories, i.e. full-time student, home maker or retiree.
composite volcano
a tall, cone-shaped mountain in which layers of lava alternate with layers of ash and other volcanic materials
Structural Unemployment
Unemployment that results because the number of jobs is insufficient to provide every willing person with one.
Money
Set of assets in an economy that people regularly use to buy goods and services. Has three functions in the economy:
Medium of Exchange
An item that buyers give to sellers when they want to purchase goods/services
Unit of Account
It is the yardstick people use to post prices and record debts
Store of Value
An item that people can use to transfer purchasing power from present to the future
Liquidity
The ease with which an asset can be converted into the economy's medium of trade
Commodity Money
Money that takes the form of a commodity with intrinsic value
city of lights
Paris was the first city to have gas lights installed all over city
841 m
Average elevation of exposed land
Central Bank
Institution designed to oversee the banking system and regulate the quantity of money in the economy. Has to main jobs: Regulate the banks and ensure the health of the banking system and to Control…
Reserves
Deposits that banks have received but have not been loaned out.
Communication, transportation, and migration.
What are the three different types of movement?
Money Multiplier
Amount of money the banking system creates with each dollar of reserves.
Reserve Ratio
The fraction of deposits that banks hold as reserves
Open-Market Operations
The purchase and sale of U.S. government bonds by the Fed. Heres how it goes down :New York Fed Bond traders buy bonds from the public and then Each new dollar held as currency incre…
Reserve Requirements
Regulations on the minimum amount of reserves that banks must hold as deposits. This Effects the percentage of deposits that banks can use for loans. And it Changes rarely cuz its unpopular
The Discount Rate
The interest rate the Fed makes on loans to banks. Higher interest discourages banks from loaning as much (and vice-versa). Can be used to help financial institutions during a crisis.
Inflation
An increase in the overall level of prices in the economy
Quantity Theory of Money
A theory asserting that the quantity of money available determines the price level and the growth rate determines the inflation level.
Classical Dichotomy
The theoretical separation of nominal and real variables.
Nominal Variables
Variables measured in monetary units
Real Variables
Variables measured in physical units.
Monetary Neutrality
The theory that changes in the monetary supply do not affect real variables.
The Velocity of Money
The rate at which money changes hands
The Quantity Equation
The equation M x V = P x Y relates the quantity of money and the dollar value of the economy's output of goods and services.
Net Exports
The value of a nation's exports minus the value of its imports, also called the trade balance.
Trade Surplus
An excess of exports over imports
Trade Deficit
An excess of imports over exports.
Balanced Trade
When exports and imports are equal.
Net Capital Outflow (NCO)
The purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.
Saving (S)
_______ = Domestic Investment + Net Capital Outflow
Nominal Exchange Rate
The rate at which a person can trade the currency of one country for the currency of another.
Appreciation
An increase in the value of currency as measured by the amount of foreign currency it can buy
Airports/ airmindedness
classic non-places
Real Exchange Rate
The rate at which a person can trade the goods and services of one country for that of another.
Purchasing Power Parity
A theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries.
The Real Interest Rate
This is the rate at which interest is earned on saved money. Higher interest rates encourage people to save, increasing the supply of loanable funds.
The Supply of Loanable Funds
This is how much money is available to be loaned out from national saving.
The Quantity of Loanable Funds
This is how much money is available for loans. This comes from people and firms who are looking to borrow to invest.
The Demand for Loanable Funds
This is the measure of how much interest there is in borrowing money. Higher interest rates make borrowing money more expensive, and therefore less common.
The Equilibrium Interest Rate
This is where the supply of loanable funds and the demand for them meet. In order to make the most money, both consumers and banks work together to balance this out.
The Equilibrium Quantity (of loanable funds)
This is how much money is loaned out at the point of equilibrium.
Net Capital Outflow
This is the money that was saved domestically and invested abroad. The higher the interest rate, the more willing people are to save and therefore the greater the supply.
The Real Exchange Rate
This is the amount of a foreign country's currency you can buy with domestic currency. The supply and demand for foreign currency exchange determine the real exchange rate.
Saving (parsimony)
Adam Smith believed that capital gains are increased by _______
Saving
_______ provides capital for investment which allows for the division of labor
location
the first theme of geography as defined by the Geography Educational National Implementation Project; the geographical situation of people and things
place
the fourth theme of geography as defined by the Geography Educational National Implementation Project; uniqueness of a location
Natural Features
THe Southwest has a high Mountain's,and a flat plains,and a low deserts.
Human Features
Many People really enjoy the SouthWest's warm Climate.
Rocky Mountain States
The Rocky Mountain States are also part of the West.
Level 10