5 Different Types

Agriculture Economy During the 1800s – most businesses based on farming Made/grew what families needed 70% of population worked on farms Agriculture Economy During the 1800s – most businesses based on farming Made/grew what families needed 70% of population worked on farms Industrial Economy Power-Driven Machines Buying more outside the home Factory jobs replaced agriculture Industrial Economy Power-Driven Machines Buying more outside the home Factory jobs replaced agriculture Service Economy 1950s - Began paying for “services.” No longer doing everything themselves Convenience is the key! Service Economy 1950s - Began paying for “services.” No longer doing everything themselves Convenience is the key! Information Economy 1990s – More dependent on computers, internet, and technology Information Economy 1990s – More dependent on computers, internet, and technology