Economy in Geography

Several answer may be correct: Globalization has extended mainly thanks to

• Communication

• Transportation

• Incentives

• Government

• Culture

Identify the benefits of Globalization

• Lower prices

• Monopoly

• Innovation

• Access to goods and services

• Low salaries

Identify the bad things of Globalization

• Lower prices

• Monopoly

• Innovation

• Access to goods and services

• Low salaries

Countries with high living standards

• Developing

• Rich

• Developed

• Achieving

A country is considered to have high living standards when...

• Population grows a lot

• There are many sources of income

• Salaries are low

• There are many natural resources

________ consists of the production and exchange of goods and services.

• Barter

• Market

• Command

• Economy

Tradition economy is the same as

• Service

• Good

• Barter

• Trade route

Command economy is a form of economy found in countries with

• Capitalism

• Communism

• Dictatorship

• Free enterprise

Market economy is a form of economy found in countries with

• Capitalism

• Communism

• Dictatorship

• Command

Market economy uses to decide on prices and production

• The Law of Supply and Demand

• The Law of Gravity

• Democracy

• Government