ECONOMIES

ECONOMY

• A social science
• Production and distribution
• Of goods & services

ECONOMIC ACTIVITIES

• Primary
• Secondary
• Tertiary
• Quaternary

ECONOMIC ACTIVITIES

• Primary: extract natural resources
• No processing
• No manufacturing

ECONOMIC ACTIVITIES

• Secondary:
• Processing raw materials
• Manufacturing raw materials

ECONOMIC ACTIVITIES

• Tertiary:
• Providing a service

ECONOMIC ACTIVITIES

• Quaternary:
• Researching, collecting,
• Recording, exchange
• Of information
• Services for producers

ECONOMIC SYSTEMS

• Traditional
• Free enterprise
• Command
• Mixed

ECONOMIC SYSTEMS

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

ECONOMIC SYSTEMS

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

ECONOMIC SYSTEMS

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

ECONOMIC SYSTEMS

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

ECONOMIC SPECTRUM

GOVERNMENTS

GOVERNMENTS

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

GOVERNMENTS

• Democracy
• Dictatorship
• Monarchy
• Republic
• Theocracy & Totalitarian

GOVERNMENTS

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

GOVERNMENTS

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

GOVERNMENTS

• 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