ECONOMIES

• 1. A social science
• 2. Productions of goods and services

ECONOMIC ACTIVITIES

• Primary
• Secondary
• Tertiary
• Quaternary

ECONOMIC ACTIVITIES

• Primary
• Extract natural resources
• No processes, no manufacturing

ECONOMIC ACTIVITIES

• Secondary:
• Processing raw materials
• Manufacturing raw materials

ECONOMIC ACTIVITIES

• Tertiary
• Providing a service

ECONOMIC ACTIVITIES

• Quarternary
• Researching, collecting,
• Recording, exchange of information
• Services for producers

ECONOMIC SYSTEM

• Traditional
• Free enterprise
• Command
• Mixed

ECONOMIC SYSTEMS

• Traditional:
• Based on hunting and gathering
• Subsistence farming
• Growing enough to feed on your family

ECONOMIC SYSTEMS

• Free enterprise
• Private ownership of business
• Individuals who decide to buy or sell
• U.S.A.

ECONOMIC SYSTEMS

• Command
• Government control of business
• Little or no private ownership
• North Korea

ECONOMIC SYSTEMS

• Mixed:
• Mixed between free enterprise and command
• Some private ownership
• Some government control

ECONOMIC SPECTRUM