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Geography (Economic and Human) Key Terms

Russ McBride

Studying for an Exam

Purchasing power parity physical characteristics of a place, such as its topography, vegeatation, and water resources
poverty states that when the relative price of a good goes up, people by less of it- when the price goes down, people buy more of it
gross sustainable product  a representation of all or a portion of the earth's surface, drawn, or printed on a flat surface
equilibrium states that when a relative price of a good goes up people produce more of it and when the relative price of a good goes up, people will produce less of it
opportunity cost an exchange rate that is used to compare output, income, or prices among countries with different currencies and that is based on the idea that the price of a good or service in one country should equal the price of that same good or service in another country when it is converted to a common currency`
law of demand insufficient income to purchase the basic necessities of food, clothing, and shelter
law of supply GDP divided by GNI minus the value of depleted resources (damage done)
communism the geographic context of a place, including its political, economic, social, or other characteristics
capialism a situation where quantity supplied equals quantity demanded
economics most common form of economic organization that utilizes a market system
time-space convergence the tapering off of a process, a pattern, or an event over distance
situation location having distinctive features which give it meaning and characterthat is unique over any other locations- the sum of all aspects
site a combo of hardware and software that enables the input, management, analysis, and visualization of geo-referenced data
GIS a construction of artificial satellites, radio signals, and receievers used to determine the absoulte location of people, places, or features on earth
GPS simplfied versions of reality
distance decay the study of allocation of scarce resources and the ultimate purpose of economics is to understand choice
place process by which place seems to become closer together in both time and space as a result of innovations in transportation and communication that weaken the barrier or friction of distance
model most common form of economic organization that utilizes command system
map the value of the next best or highest valued alternative that must be sacrificed
geography the study of distributions

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