GEOG101 Lecture Notes - Lecture 8: Gross Domestic Product, Gross National Income, Purchasing Power Parity

• School: University of Waterloo
• Department: Geography and Environmental Management
• Course: GEOG101
• Professor: Amanda Hooykaas

Document Summary

Interrelationships of economic activity in different places: explanations for variations from place to place. Industries locate near each other: sharing resources, create locational monopolies , ensure equal market access, mutual advantage from nearby industries, same workforce, technological inputs, also called agglomeration , example: silicon valley, quaternary sector. Advanced services : highly specialised, specialized knowledge, technical skills, administrative skill, can be spatially independent from clients, examples, tax consultants, software developers, sr. government officials, executives, professors, knowledge economy. Direct and indirect factors of production: direct factors - cost dependent, raw materials, labour, financial capital, markets, energy, cost of running a manufacturing plant. Infrastructure: technology, transportation, financial system, government support, education/training, entrepreneurship taxes, cost of most of these vary by location. Spatial aspects of economic activity: economic activities, strong => weak ties to a physical environment/resources, strong: primary, location of resources, processing/regining, labour moves to resources, weaker: secondary>tertiary>quaternary.