| Purchasing power parity | | physical characteristics of a place, such as its topography, vegeatation, and water resources |
| poverty | | states that when the relative price of a good goes up, people by less of it- when the price goes down, people buy more of it |
| gross sustainable product | | a representation of all or a portion of the earth's surface, drawn, or printed on a flat surface |
| equilibrium | | states that when a relative price of a good goes up people produce more of it and when the relative price of a good goes up, people will produce less of it |
| opportunity cost | | an exchange rate that is used to compare output, income, or prices among countries with different currencies and that is based on the idea that the price of a good or service in one country should equal the price of that same good or service in another country when it is converted to a common currency` |
| law of demand | | insufficient income to purchase the basic necessities of food, clothing, and shelter |
| law of supply | | GDP divided by GNI minus the value of depleted resources (damage done) |
| communism | | the geographic context of a place, including its political, economic, social, or other characteristics |
| capialism | | a situation where quantity supplied equals quantity demanded |
| economics | | most common form of economic organization that utilizes a market system |
| time-space convergence | | the tapering off of a process, a pattern, or an event over distance |
| situation | | location having distinctive features which give it meaning and characterthat is unique over any other locations- the sum of all aspects |
| site | | a combo of hardware and software that enables the input, management, analysis, and visualization of geo-referenced data |
| GIS | | a construction of artificial satellites, radio signals, and receievers used to determine the absoulte location of people, places, or features on earth |
| GPS | | simplfied versions of reality |
| distance decay | | the study of allocation of scarce resources and the ultimate purpose of economics is to understand choice |
| place | | process by which place seems to become closer together in both time and space as a result of innovations in transportation and communication that weaken the barrier or friction of distance |
| model | | most common form of economic organization that utilizes command system |
| map | | the value of the next best or highest valued alternative that must be sacrificed |
| geography | | the study of distributions |
