ECONOMIES

ECONOMY

• A social science
• Production and Distribution
• Of Goods and services

ECONOMIC ACTIVITIES

• Primary
• Secondary
• Tertiary
• Quarternary

ECONOMIC ACTIVITIES

• Primary: extract natural resources
• No Processing
• No Manufacturing
• Lumberjack

ECONOMIC ACTIVITIES

• Secondary:
• Processing raw materials
• Manufacturing raw materials
• Carpenter

Economic Activities

• Tertiary:
• Providing a service
• Waiter

Economic Activities

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

Economic Systems

• Traditional
• Free enterprise
• Command
• Mixed

Economic Systems

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

Economic Systems

• Free enterprise:
• Private ownership of business
• Individuals decide what to buy or sell
• United States

Economic Systems

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

Economic Systems

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

ECONOMIC SPECTRUM

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Governments

• Democracy
• Dictatorship
• Monarchy
• Republic
• Theocracy and Totalitarian

Governments

• Democracy:
• Eligible citizens participate in government
• Right to vote representatives

Governments

• Dictatorship
• Authoritarian government
• Ruled by an individual
• Military take over

Governments

• Monarchy
• Ruled by One
• King and Queen
• Most common government in ancient times
• No longer exists (constitutional monarchy)

Government

• Republic:
• Affairs of state are public matter
• Vote representatives

Governments

• Theocracy:
• God is head of state
• Ruled by God or gods

Governments

• Totalitarian:
• Authoritarian government
• One person has total control

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