Brief explain the rate of Economic Geography
?
Answers
Answer:
Economic geography has a long pedigree. Its traditional focus has been the distribution of various productive activities—with subdivisions into, for example, the geography of agriculture, industrial geography, and the geography of services—and patterns of trade such as transport geography.
Answer:
pls like,follow,mark as brainlist
Explanation:
ECONOMIC GEOGRAPHY
Economic Geography is the study of how people earn their living, how livelihood systems vary by area and how economic activities are spatially interrelated and linked.
FACTORS THAT CONTROL DISTRIBUTION OF ECONOMIC ACTIVITIES
1. The Physical Environment: Many production activities are rooted in the limits set by the physical environment. For example logging is only possible in a forested region. The unequal distribution of minerals makes mining only possible in areas where specific minerals occur.
2. Cultural Considerations: Economic activity or production of specific goods is sometimes dictated by cultural considerations. For example, culturally based food preferences, rather than environmental limitations may dictate the choice of a crop or a livestock farm. Maize is a preferred grain in Africa, Rice in Asia, and Wheat for North Americans. Pigs are not reared in Muslim countries
3. Technological Advancement: The technological advancement of a group of people affects their ability to recognize resources and exploit them. Highly advanced technologies make possible farming in dry areas such as deserts.
4. Political Decisions: Decisions made by a country's rulers, congressmen, and leaders may cause some economic activities to be located in certain areas. The government can influence such locations through subsidies, taxes and protective tariffs.
5. Economic Factors: The demand for certain goods may attract capital and entrepreneurship and stimulate production for the goods in specific regions.
CATEGORIES OF ECONOMIC ACTIVITY
1. Primary Economic Activities: These economic activities are directly tied to the extraction resources of the earth. Such economic activities occur at the beginning of the production cycle where people live in close contact with the resources of the land. Such primary economic activities produce basic food stuff and raw materials for industry and may include; agriculture, hunting and gathering, pastoral farming, crop cultivation, forestry, mining, logging and fishing
2. Secondary Economic Activities: These economic activities add value to the raw materials by changing their form, or combining them into useful and hence more valuable commodity. Examples are: steel making from a combination of minerals, Milk production from pastoral farming, textile production from cotton farming, furniture production from logging etc., Manufacturing and processing industries are included in this phase of the production process.
3. Tertiary Economic Activities: Consist of those businesses and labor specialization that provide services to the general community. They include professionals such as teachers & professors, lawyers, medical officers, clerical and personnel services. Others include professions such as postal services and music.
4. Quaternary Economic Activities: Economic Activities composed entirely of services rendered by white-collar professionals working on management and information processing and disseminating.
TYPES OF ECONOMIC SYSTEMS
An economic system refers to the means or structures in society within which decisions about what to produce, how, and when to produce goods and services and allocate them are made and implemented. The four main economic systems are:
1. Traditional Systems
2. Capitalist or Commercial Systems
3. Socialist or Centrally Planned Systems, and …
4. Mixed Economic Systems
There are no pure economic systems in the world for none of the systems exist in isolation in an increasingly interdependent world.
1) Traditional Economic Systems:
An economic system under which people produce just enough to feed their households with very little goods or services left for sale or exchange in the market. Production is geared towards subsistence and basic survival. Market and money are of little importance for trade is mainly by a barter system (direct exchange of goods and services. Several traditional systems are today replaced by market systems.
2) Capitalist or Market Systems:
Under market capitalist systems, decisions about what to produce and how to allocate resources are influenced by interactions of price, supply and demand for goods. Demand for a commodity tends to fall when the price rises and falls when price drops. Conversely, supply for the commodity will increase when the price rises and decrease when the price falls. The capitalist system encourages competition and allows for increased production. There are therefore externalities or environmental side effects such as air and water pollution that result from market operations.
3) Socialist or Centrally Planned Economic Systems:
4) Mixed Economic Systems: