A World of Industry

Primary Takes natural resources from the earth— Examples: fishing, mining, forestry and agriculture.

Secondary Makes products using the natural resources— Examples: construction, factories, chemical processing plants.

Tertiary Sells a product or provides a service— Examples: restaurants, supermarket, hospitals, schools.

Quaternary Gathers information then provides ideas and support to the other levels of industry. Ex: research, survey companies, news, entertainment

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Tertiary

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Tertiary

Quaternary

Secondary

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Quaternary                                                                                      

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Economic Systems

Command Economy The government makes all the decisions of price and quantity to produce. Communism and countries like North Korea and Cuba have a command economy.

Market Economy Business owners determine what to produce, how much and what to charge. Governments will regulate some items of this economy, but have little influence. This sometimes called a “free enterprise system”

Traditional Economy In a traditional economy, people use the resources they have available to them to produce what they’ve always produced, what their parents have always produced, and their parents before them. They use traditional methods and customs such as farming, hunting and gathering, making their own clothing, etc.  They produce only as much as they need for themselves, or to make some kind of profit by trading, selling, or the barter system.  Examples: Inuit Indians of Northern Canada, the Amish, and tribal areas of Africa and Latin America still have traditional economies.