1. Types and levels of Economy Are all countries the same?

2. Definitions  Consumers: people who buy and use products  Producers: owners and workers  Economy: a system in which people make, exchange and use things that have value  Draw a picture to represent each word

3. Private vs Government Ownership  Capitalism  Free markets  People choose to invest their own money  Population decides what goods to make and sell  Communism  Government controls market  Government invests in programs to benefit them  Government owns all businesses and farms

4. Industrial Revolution  Created a new economic pattern where industries and advanced technology produced goods.

5. Developed Nations  Includes only 1/5 th of our world population  United States, Canada, Japan and most European Nations  Most people live in towns and cities  Work is often done in factories or offices  Water and food are in constant supply  People have access to healthcare and education  Majority of crops are grown by commercial farms for profit

6. Wealth

7. Developing Nations  Africa, Asia, Latin America  Poor  Farmers raise fool food individual families  No Machinery  Many diseases  Food shortages  Unsafe water  Poor or no education and health care

8. Poverty

9. Ticket out  What is the difference between developed and developing nations. Support you answer with details from the notes.