Economic geography

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Oct 30, 2023

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Economic geography North America has become one of the most developed regions in the world. It mainly consists of the industrial and service sectors. North America benefits greatly from its fertile soils, plentiful freshwater, oil and mineral deposits, and forests. Forestry is the management, cultivation, and harvesting of trees and other vegetation in forests. Extractive activities, such as mining and drilling, dominate the North American economy. Mining provides billions of dollars and millions of jobs throughout the continent. A leading producer of coal, used in energy production; bauxite, used to create aluminum; iron and copper, both used in construction; and nickel, used to create steel, which North American companies export around the world. People were drawn to the United States by the hope of economic opportunities. As of 2010, the United States was home to approximately 310 million people and was the third-most populated country in the world after China and India. Among developed countries, the US population is one of the fastest growing, at about 1 percent each year. the United States is home to people from all corners of the world and home to many cultural or ethnic minority groups. Latin American economy is an export-based economy consisting of individual countries in the geographical regions of North America, Central America, South America, and the Caribbean. export-based, with silver and sugar being the motors of the colonial economy. Central America's main economic resources are gold, silver, lead, coal, and timber. most of the Caribbean region works under a free trade economy. Capitalizing on its tropical setting and beautiful beaches, the Caribbean attracts millions of visitors a year. This booming industry supplies work for many of the Caribbean's people. Although, Tourism isn't the only economic

activity of the region. The Caribbean economy is also supported by its exporting of fish, as well as minerals such as iron, nickel, and even petroleum. South America’s temperate climates are home to a number of industrial crops and livestock. Two very important cash crops are coffee and cacao. The mining industry is one of South America’s most important economic engines. The continent contains about one-fifth of the world’s iron ore reserves. More than one-quarter of the world’s known copper reserves are in South America, mostly in Peru and Chile. Valued at $26.9 billion in 2009, copper accounts for nearly one-third of the exports of Chile, the world’s largest copper exporter. Europe is a free-market economy based on the movement of capital. Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development, and the provision of specialized services. Its successful modernization can be traced to the continent’s rich endowment of economic resources, its history of innovations, the evolution of a skilled and educated labor force. containing many different countries, all with their own economic policies and systems the European Union (EU), which is a political and economic union of 28 European countries, allows the countries to work together on political and economic issues, including the advancement of free trade between member countries. Tourism is the main economic activity in the Pacific, but minerals and fossil fuels provide some islands with additional wealth. While in recent decades, some national wealth has gained from the mining of the substance in the islands. The islands were traditionally self-sufficient, fishing, and crops such as palm oil, coconut oil, coffee, vanilla, and cocoa. Meanwhile, Australia contains a hardened economy through its ports, natural resources, tourism (especially in Sydney),

and industrial creations. The industries that are in Australia focus on food, chemicals, steel manufacturing, iron manufacturing, and even titanium manufacturing, coal, and natural gases. Asia covers around 30% of Earth's land area, and is the world's most populous continent, containing approximately 60% of the total world population. While some of Asia's countries are very developed, others are not. The continent's most active mining economies are China, India, Indonesia, and Russia, which harvest many of the same minerals. China is the world's leading manufacturer of aluminum, gold, tin, and coal while Indonesia is a major producer of coal, gold, tin, and copper. With Asia is the largest continent, there is great room for diversity. The Asian economy is unique because of the fastest growing economy in the region. it is also the largest continental economy by both GDP Nominal and PPP in the world. Asia's Pacific region requires approximately 40% of the world's bio-productive capacity to keep up with smaller countries/continents. The economy of much of Africa is very underdeveloped, with the exceptions of South Africa and the countries of North Africa. Sudan, Egypt, Libya, Algeria, and Mali are among the countries with the weakest economies in this vast desert region. They do, though, have potential natural resources such as oil and gas reserves. They continue to be impoverished as a result of racial tensions and internal conflicts. Because of their strong regimes, the East African countries of Mozambique, Tanzania, Kenya, and Ethiopia are progressing slowly. Somalia is a poor nation due to ethnic strife. Botswana, Zimbabwe, Zambia, and the Democratic Republic of Congo are Central African landlocked countries with abundant natural resources. Since it is known as the "Mother Continent" or "Mother of Resources," Africa's economic geography is peculiar. Since Africa is the oldest continent, it also has the oldest economic traditions. They also sell exclusive high-grade timber, which provides a substantial profit margin. Africa takes recognition of

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Okoume, which accounts for 90 percent of Gabon's logged trees. These logged trees are exported from Africa to Israel, Japan, and the European Union, where they are utilized to construct homes, furniture, aircraft, melodic instruments, and option products. The economy of Russia is mostly upper-middle income, with enormous natural resources, particularly oil and natural gas. Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources. Russia’s economy does depend on the export of oils, and natural gas being as It has the world's largest proven natural gas reserves and is the largest exporter of natural gas. It is also the second-largest exporter of petroleum. Russia and Antarctica's Economic Geography is so unique because of how they work within the weather. While it's freezing temperatures, negligible amount of population, one-sided wealth, and special environment, workers still produce, work, and more. Antarctica has relatively no economic activity other than fishing off the coast and small tourism. There is offshore trading of fish that were caught in Antarctica, in 2000-2001 there was a report made that there was 112,934 tons of fish caught. Some natural resources have been found but not in high enough levels to be beneficial economically. Sources: National Geographic Society. (2012, October 09). North America: Resources. Retrieved May 08, 2021, from https://www.nationalgeographic.org/encyclopedia/north-america-resources/ Chapter 4 North America. (n.d.). Retrieved May 08, 2021, from https://saylordotorg.github.io/text_world-regional-geography-people-places-and-globalization/s07- north-america.html

Study.com. (n.d.). Retrieved May 08, 2021, from https://study.com/academy/lesson/the-economy-of- the-caribbean-central-south-america.html Latin American economy. (2021, January 24). Retrieved May 08, 2021, from https://en.wikipedia.org/wiki/Latin_American_economy National Geographic Society. (2012, October 09). South America: Resources. Retrieved May 08, 2021, from https://www.nationalgeographic.org/encyclopedia/south-america-resources/#:~:text=The %20continent's%20economy%20is%20centered%20on%20the%20export%20of%20natural %20resources.&text=South%20America%20extends%20from%20a,temperate%2C%20arid%2C%20and %20cold Study.com. (n.d.). Retrieved May 08, 2021, from https://study.com/academy/lesson/the-economy-of- europe.html Economy. (n.d.). Retrieved May 08, 2021, from https://www.britannica.com/place/Europe/Economy https://open.lib.umn.edu/worldgeography/chapter/13-1-the-pacific-islands/ https://www.ga.gov.au/education/classroom-resources/minerals-energy/australian-mineral-facts/iron https://www.britannica.com/place/Asia/Economy https://www.nationalgeographic.org/encyclopedia/asia-resources/ https://ourworldindata.org/economic-growth https://www.britannica.com/place/Africa/Economy https://www.nationalgeographic.org/encyclopedia/africa-resources/ https://www.globaltenders.com/economy-of-antarctica.php/#:~:text=There%20is%20no%20economic %20activity,large%20enough%20quantities%20to%20exploit Wikimedia Foundation. (2021, May 08). Economy of Russia. Wikipedia. https://en.wikipedia.org/wiki/Economy_of_Russia