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World Geography - Unit 8 (Economics & Human Behavior)

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Dawson McCall

on 14 April 2014

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Transcript of World Geography - Unit 8 (Economics & Human Behavior)

An economic system is any system that turns resources into goods and services (allocation) and provides a way to distribute them to people for their needs and wants (distribution).
What is an economic system?
Some Basic Economic Concepts
The study of how people get what they want or need in a world of limited (i.e. - scarce) resources.
The fundamental tension between our limited resources and our unlimited wants and perceived needs.
Instrinsic Value - The idea that all things have an innate, unchangeable worth not subject to outside judgement.
Subjective Value - The idea that the worth of an object is determined by its usefulness and its scarcity.
What is Economics?
World Geography - Unit 8 (Human Geography - Economics & Human Behavior)
The study of human behavior
Gross Domestic Product (GDP)
The market value of all final, official goods and services produced within a country during a specific period of time.
Global Wealth Distribution
Full transcript