GEOG 1F90 Lecture Notes - Lecture 9: Core Countries, Steam Engine, Rust Belt
28 Mar 2016
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Document Summary
An economy is a system that organizes land, labour, capital and enterprise to meet the wants and needs of consumers for products and services. The economy is made up of two parts: Producers: people who harvest and manufacture products or provide services. Consumers: people who use products and services. An economic system arranges and organizes material provisioning based on these tow components: production & consumption. Economic indicators: statistics that indicate how the economy is progressing. Gdp: the value of income generated by the production of all final goods and services produced within a year in canada. Gdp is a standard measure of economic output and the side of an economy. An industry describes a group of businesses doing similar activities. The economy is made up of different industries. Primary industries harvest or extract raw materials or natural resources (air, soil, water, oil, plants, rocks, minerals, wildlife) Examples include: mining, forestry, oil and gas, agriculture, fishing, hunting.
