Mid-term Exam review sheet From the Lecture, what is Economic Geography?-A sub discipline concerned with the spatial organization and distribution of economic activity. -The use of the world’s resources -The geographic origins, structure, and dynamics of the world’s economy What are the five analytic themes of Economic Geography?1.The study of space is inseparable from the study of time (Accumulation of decisions of actors in the past) 2.Every place is part of a system of places (all regions are interconnected and never exist in isolation from one another) 3. Human action always occurs in a biophysical environment (includes climate, topography,soils, vegetation, as well as mineral and water resources) 4. Culture- the shape of the conciseness-is fundamental to economic geography (humans are sentient beings-manifested in perception, cognition, symbolic form and language. 5. Social relations are a necessary starting point to understanding societies and geographies (studied through the lens of political economy, focus on the role of power distribution in society) From the lecture slides, Know the bullet points for each theory from the four schools of thought. Be able to match the points with the school of thought.1. Locational theory -Logical positivism -Spatial integration and spatial interaction -Models to understand economic and demographic phenomena -Critiques 2. Behavioral Geographers -Challenge simplistic view of economic behavior -Identify the complex ways people perceive, acquire and cognitively interpret spatial behavior-Introduce imperfect info, uncertainty, suboptimal behavior and greater realism 3. Political Economy -Includes both political and economic realms -The economy is more than the sum of its parts -Political economists dismiss the notion of a “free market” -Landscapes are the product of changing social relations of the power of wealth 4. Post-structuralist geographers -The ‘Culture turn’ -The economy is always already embedded in the culture Know the long definition from the lecture on what uneven development is. Be able to identify the key factors.The tendency or some countries and regions to be more economically prosperous and advanced than others. Uneven development is an inherent feature of the capitalist economy, reflecting the tendency for growth and investment to become centralized in particular locations that offer more profitable opportunities for investment. Over timeMid-term Exam review sheet patterns for uneven development are periodically restricted as capital moves or seesaws between locations in search for profit. Recall from the lecture why Geographers avoid environmental determinism.-Because there are extremes when it comes to environmental determinism, one example is the Nazi’s used this concept to justify the holocaust. Understand and be able to identify different geographic scales in the context of uneven development.-One example is brazil, the major cities and finical centers have a lot of money while the surrounding areas are very poor. (Think GINI coefficient comparing within nations boarders) Taken from the lecture, know the three keys to Marxist analysis of the economy.-Capitalism is profit-oriented-It extracts surplus value (aka profit) from exploitation of labor -Capitalism is dynamic in how it must continually change in the way it uses technology and organizations in order to increase surplus value and remain competitive. What is the "Crisis of Capitalism?"Events that lead to the need for some kind of correction in the capitalist system (or for Marx, would eventually lead to a proletariat revolution). Overaccumulation of capital through over production (boom/bust cycles) What are four ways that capitalisim copes with a crisis?1. Devaluation: labor – unemployment, currency – inflation, wars – destruction of physical capital 2. Macro – Economic: Using idle labor and capital. Tax systems, regulation and government interventions 3. Temporal displacement of capital: Projects that are designed to meet future needs. Loans of unused capital to intensify activity. (Not happening now. Combo of regulation and institutional fear has a lot of capital sitting idle.) 4. Spatial displacement of capital: New spaces of production. New markets of raw material. In this case we care about space. Space is where capitalism is concerned (not place). What is the "Spatial Fix?"-Our Global driver -The waves of the industrial revolution -Expansion of economic development internationally -The rise and decline of an area -The creation of new markets -Creative destruction of capital All can be seen as functions within the spatial fix What is Creative Destruction in Capitalism?Mid-term Exam review sheet -Describes the way in which capitalist economic development arises out of the destruction of some prior economic orderKnow the Globalization chapter: Understand the resource issue, Identify the four major viewpoints, know the largest trading regions by internal trade (rank - don't memorize percentage), Understand the concepts of the sweatshops section and also know the five phase of the updated product life cycle.Globalization: A complex series of economic, social, technological, cultural and political changes seen as increasing, integration and interaction between people and companies in disparate locations. -In the translation / globalization business marketplace, it refers to the whole problem of making any product or service global, with simultaneous release in all markets. 4 major viewpoints Free markets: favors economic growth and all benefits Hyperglobalist: the corporations of the world become dislocated from country and place. Markets rule and nation states are minimized. Transformationalist: globalization not only affects the there but also the here. It affects everyday lives. It affects the environment. Most damning it spreads unevenly creating a mosaic of inequality between the haves and he have nots. Skeptics: Very little change over the years Trading regions rank: 1. US 2. Britain 3. China 4. Japan Know the four pillars of the modern economy along with the definitions that were presented for all but technology.Market: Any place where the seller of a particular good or service can meet the buyers for that good or service and where there is potential for a transaction to take place. The buyersmust have something they can offer in exchange for there to be potential for the transactionto