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