Economics is the social science which studies optimum utilization of scarce resources. It basically studies economic activities, markets, allocation, money, capital, competition, resources, development, growth, welfare, well-being, poverty, deliberate, purposeful, rational, optimal, efficient, and many more.
We can also define the economics as
"Economics is the study of purposeful human activities in pursuit of satisfying individual or collective wants"
"Economics is the study of principles governing the allocation of scarce means among competing ends"
When we think of Geography, we often use the following words or concepts: ...view middle of the document...
A quick and simple definition of Geography thus may be: "the study of the way in which society organizes itself in space".Economic geography is the study of the location, distribution and spatial organization of economic activities across the world. It represents a traditional subfield of the discipline of geography. However, in recent decades, many economists have also approached the field in ways more typical of the discipline of economics.
Economic geography has taken a variety of approaches to many different subject matters, including but not limited to the location of industries, economies of agglomeration (also known as "linkages"), transportation, international trade, economic development, real estate, gentrification, ethnic economies, gendered economies, core-periphery theory, the economics of urban form, the relationship between the environment and the economy (tying into a long history of geographers studying culture-environment interaction), and globalization.
Economic geography is sometimes approached as a branch of anthropogeography that focuses on regional systems of human economic activity. An alternative description of different approaches to the study of human economic activity can be organized around spatiotemporal analysis, analysis of production/consumption of economic items, and analysis of economic flow. Spatiotemporal systems of analysis include economic activities of region, mixed social spaces, and development.
Alternatively, analysis may focus on production, exchange, distribution and consumption of items of economic activity. Allowing parameters of space-time and item to vary, a geographer may also examine material flow, commodity flow, population flow and information flow from different parts of the economic activity system. Through analysis of flow and production, industrial areas, rural and urban residential areas, transportation site, commercial service facilities and finance and other economic centers are linked together in an economic activity system.
"In Economic Geography, we study the (vocational, organizational and behavioral) principles and processes associated with the spatial allocation of scarce (human, man-made and natural) resources (which are also distributed spatially) and the spatial patterns and (direct and indirect, social, environmental and economic) consequences resulting from such allocations."
Thus, “Economic geographers study the principles governing the spatial allocation of resources and the resulting consequences".
History and Evolution of Economic Geography:
Over its history, economic geographers have considered various key geographically specific endowments as drivers of territorial development. In the early days of the sub-discipline, the economy was dominated by agriculture, and therefore climate and natural-resource endowments mattered significantly, as did labour supply. As industrialization advanced during the twentieth century, the focus shifted to the geography of firms...