Chapter 11 - INDUSTRY Introduction.

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Presentation transcript:

Chapter 11 - INDUSTRY Introduction

REMEMBER! Three sectors of the economy: 1. Primary 2. Secondary 3. Tertiary Agriculture, Mining, fishing, logging Textiles, manufacturing, industry Services

Definitions: INDUSTRY: - Refers to the manufacturing of goods in a factory

Definitions: Globalization: - The increasing interconnectedness of the world (economically AND socially)

Definitions: Outsourcing: - A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

Definitions: Capitalism: - Economic system in which all aspects of and levels of the economy (primary, secondary, tertiary) are privately owned.

Definitions: Communism: - Economic system where all property is owned by everyone (no private property). Gov. usually directs with total control over economic aspects.