Geo 3303 cooper exam - Study guides, Class notes & Summaries

GEO 3303 Cooper Exam Questions & Answers 2023/2024 Be able to briefly explain why it is so difficult to measure and analyze the economic output of services using an example (like doctor, lawyer, teacher, etc.) - ANSWER-Output is intangible Difficult to measure the productivity of the service Know the complications that can arise from the way the U.S. government accounts for the service sector in its analysis of employment (think about the example of the janitor working in a Ford automobi...

Cooper Geo 3303 Final Exam Review Questions & Answers 2023/2024 Know the simple definition that we provided for consumerism - ANSWER-The modern form of consumption Know where the first department stores appeared in the 1830s - ANSWER-Paris •Know what is used to help create new demand or new needs for products among consumers to help capitalism thrive - ANSWER-New Markets & Advertising •Be able to define niche market; be able to identify a type of product that would best be clas...

Cooper Geo 3303 Exam Questions & Answers 2023/2024 What is Capitalism? - ANSWER-The economic, social, political, and geographic system characterized by the private ownership of the economic means of production. What is the key element of capitalism? - ANSWER-Private ownership of the economic means of production What is the fundamental institution in capitalism? - ANSWER-The market: where buyers and sellers interact through supply and demand on the basis of price What is the guiding f...

Cooper Geo 3303 Exam Questions & Answers 2023/2024 Know approximately how many times more resources middle class goods require to produce as opposed to basic or essential goods like food - ANSWER-Six times as many Define Carrying Capacity - ANSWER-A max amount of people a resource base can support Be able to define and differentiate between proven resources and projected resources - ANSWER-Prove Reserves (resources) are amounts of resources we know exists and are economically feasible t...

Eco Geo Test #1, Cooper Geo 3303 Final Exam Review 2023/2024 Be able to define capitalism; most importantly, know the KEY element of that definition that makes capitalism unique. - ANSWER-Capitalism: the economic, social, political and geographic system characterized by the private ownership of the economic means of productions. Key element: private ownership. Know and be able to briefly define the fundamental institution in capitalism. - ANSWER-Market: theoretical market where buyers and ...