GEO 103 Study Guide - Quiz Guide: World Economy, Individualism, Malthusian Catastrophe
17 Sep 2018
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Competition to keep prices down: command/planned economies. Disadvantages: no individual incentives, less economic opportunities and political freedom: mixed economies. Example of mixed economies: (cid:1688)scandinavian model(cid:1689: traditional economies. Factors of production are controlled by customs and ancient social practices; e. g. feudalism. Caste system- only within their caste level! More equal: globalization: set of world processes that make the world economy and various societies of an economy more integrated and interdependent. Ict and transportation are the key agent to the integration of human race: shrinks friction of distance and accessibility, drivers of globalization. Improved technologies: search for markets, decreasing economic barriers, expansion of multinational corporations, definition of market, buyers and sellers are determined by price, price is determined by supply and demand, profit is the goal of a market. Pose threats to local culture; homogeneity is due to the decrease of the friction! Information and communication technology: the grow of digital communication.
