Economies Around the World

1. Economies Around the World

2. Homework • Study for quiz… 4 kinds of industries… Tuesday • Work on study guide

3. Industries

4. Do Now

5. Vocabulary • industry: all of the businesses that make one kind of product or provide a service • developed countries: established economies with all 4 kinds of industries • developing countries: country with fewer industries • GDP: gross domestic product (measure of total value of goods and services a country produces)

6. Primary Industry natural resources farming: Delmonte, Green Giant, Hanover fishing logging mining brings natural resources (raw) to market

7. Primary Industry • Extract raw materials (which are natural products) from the land or sea e.g. oil, iron ore, timber, fish. • Mining, quarrying, fishing, forestry, and farming are all example of primary industries.

8. Your Turn Think of 3 local primary industries in our area. Share Out

9. Secondary Industries natural + raw= finished product iron ore= steel (Bethlehem Steel Mill) cotton= clothing (Gap, Old Navy, Aeropostale) petroleum= gasoline (Texaco, BP, Gulf)

10. Secondary Industry • Involve the manufacture of raw materials, into another product by manual labour or machines. • Secondary industries often use assembly lines e.g. a car factory

12. Tertiary Industries • sells and transport natural resources from primary industries and finished products from secondary industries Stores and trucking (transportation) companies

13. Tertiary Industry (Service Industry) • Neither produce a raw material nor make a product. • Instead they provide services to other people and industries. • Tertiary industries can include doctors, dentists, refuse collection and banks.

14. Tertiary Industries • education • health care/medical fields • banking • hairstylists (service jobs)

15. Quaternary Industries • Involve the use of high tech industries. People who work for these companies are often highly qualified within their field of work. • Research and development companies are the most common types of businesses in this sector. • http://revisionworld.com/gcse-revision/geography/industry/different-types-industry

16. First The raw material cotton is extracted by primary industries The cotton may then be turned into an item of clothing in the secondary industry.

17. Next The cotton may then be turned into an item of clothing in the secondary industry.

18. Then Tertiary industries may advertise the goods in magazines and newspapers.

19. Lastly The quaternary industry may involve the product being advertised or researched to check that the item of clothing meets the standards that it claims

20. Developing Countries • May not have all 4 industries • Limited natural resources • Limited education institutions • Few interstates, railroad systems, bridges, airports, paved roads • Limited international trade and commerce

21. Developed Countries • variety of industries, businesses • educational institutions • strong infrastructures • strong economy • established government • high GDP

22. Gross Domestic Product Measure of the total value of goods and services a country produces (measure of a country’s economy) • United States • Germany • Italy • China

23. Standard of Living • a measure of how well its people live (measure of a country’s economy) average person’s income how much people spend and save

24. Traditional Economy • Little change • Same kinds of jobs/work as early generations • Based on custom or habit

25. Subsistence Farming • Growing only enough food for themselves and families • Therefore, not able to buy better tools farming techniques • Africa • Asia • South America

27. Command Economy • government or central authority makes decisions • controls farms, factories • dictates what is made, how much and salaries • Cuba