1. Chapter 11 - INDUSTRY
Introduction

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

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

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

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

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

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