Chapter 2 - Lesson 3 C Governments and Economies Chapter 2 Patterns of Life

Just as government can be classified into different types, the economies of the world can also be classified, based on industries The four main kinds of industries are Primary, Secondary, Tertiary, and Quaternary Economies Around the World pg Industry – all the businesses that make one kind of product or provide one kind of service

Economies Around the World pg

Primary Industries

Economies Around the World pg SECONDARY Industries

Economies Around the World pg TERTIARY Industries

Economies Around the World pg QUARTERNARY Industries

Economies Around the World pg Developing Countries – countries whose economies are still being built. Usually Only have primary and/or secondary industries The kinds of industries in a country can often determine whether a country is developing or developed Because developed countries have more kinds of industries, they produce more goods and services than developing countries do Developing Countries – countries with well established economies. Usually Have all four industries

Developed and Developing Countries: Other Governing Systems pg DevelopedDeveloping U.S.A. Canada Japan Germany Australia Norway England Argentina India Jamaica North Korea Vietnam Tanzania Ghana

Economies Around the World pg The GDP of developed countries is higher than the GDP of developing countries GDP – Gross Domestic Product, the measure of the total value of goods And services a country produces

Economies Around the World pg Another measure of a country’s economy is its Standard of Living The standard of living is indicated by the average person’s income and spending power Spending power is the money left over after you purchase your basic needs

How are economies around the world measured? (pg.72)

Remember GDP Developing countries Developed countries Industry