Economies Around the World

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

Industries PrimarySecondaryTertiaryQuatenary

Do Now Lesson Essential Question: What are the different industries and economies around the world?

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

Primary Industry natural resources farming: Delmonte, Green Giant, Hanover fishingloggingmining brings natural resources (raw) to market

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

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

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

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

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

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

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

Quaternary Industries Involve the use of high tech industries. People who work for these companies are often highly qualified within their field of work. 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. Research and development companies are the most common types of businesses in this sector.

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.

Next

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

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

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

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

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

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

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

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

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