Economic Geography

How Economies Change Over Time

Economic Change

1. The economies of countries change over time for many reasons.

A. Industrialized countries now export labor intensive work to developing countries because labor is cheaper.

Economic Change

B. The growth of trade alliances has led to large trading blocks such as North America, Europe, Africa, and Southeast Asia.

C. Service industries such as banking, finance, tourism, healthcare, and marketing have grown.

Economic Change

D. International banks and financial service networks have grown.

E. Companies are moving to international product assembly of vehicles and electronic equipment.

F. New technology that allows instant communication has changed financial markets (cell phones and internet)

Economic Change

G. Modern transportation networks now allow rapid and efficient exchange of goods and materials (Federal Express, United Parcel Service, U.S. Postal Service)

H. Products are now marketed on a global scale.