1. Human Geography: Economy, Government, & Globalization ©2012, TESCCC

2. Discuss and Share According to Thomas L. Friedman (author of multiple books), From an economist’s perspective: “ the world is flat” ©2012, TESCCC

3. What is economics? A social science concerned with description and analysis of the production, distribution and consumption of goods and services. Goods: things you use or consume (food, books, cars, cell phones, etc.) these are things you can touch Services: something someone does for you; a service provided for you (haircut, someone fixes your car, someone tutors you, etc.) these are things you cannot touch ProductionDistributionConsumption Goods and Services ©2012, TESCCC

4. Discuss and Share According to Thomas L. Friedman (author of multiple books), From an economist’s perspective: Currently: “ the world is flat” With a partner or groups of three: Discuss the possible meaning of this statement, keeping in mind that you are the CEO (chief executive officer) of an automaker. ©2012, TESCCC

5. “the world is flat” Interdependence between countries and/or corporations provide a level “playing field” to where everyone is able to participate in a global economy. ©2012, TESCCC

6. Communism Capitalism Socialism Controlled Economy Government Control Free Market Free Enterprise Low degree of government control Subsistence Agriculture (Farmers grow enough for their family Public Ownership (land and/or natural resources ©2012, TESCCC Economic Systems

7. Communism (command economy) Socialism Capitalism (Free-Market Economy; Free Enterprise How much control over the means of production (how much to produce/what to produce, to whom/how it is distributed and the overall decision making process Economic Systems ©2012, TESCCC ProductionDistributionConsumption Goods and Services Subsistence Agriculture (Farmers grow enough for their family

8. Economic Systems Traditional: This economic system is based on hunter-gather or subsistence agriculture Free Enterprise: This economic system is based on private ownership of business and individual decisions on what to buy or sell. Command Economy: This economic system is based government control of businesses and decisions regarding types and locations of economic activity and production. Citizens can be assigned or strongly encouraged into various employment. There is little or no private ownership of businesses. Mixed Economy: This economic system forms the array between free enterprise (capitalism) and command economies (communism) with some private ownership and some government control of businesses. ©2012, TESCCC

9. Economic Activities Primary: Economic activities that extracts natural resources or harvests goods directly with no processing or manufacturing. Secondary: Manufacturing or processing raw materials. Tertiary: Providing a service. Quaternary: Researching, collecting, recoding, storage, exchange, and dissemination of information and data. Services for producers. ©2012, TESCCC

10. Government Systems Democracy Dictatorship Monarchy Republic Theocracy Totalitarian ©2012, TESCCC

11. Subsistence Agriculture Commercial Agriculture ©2012, TESCCC

12. Define and Compare Cottage Industries Commercial Industries ©2012, TESCCC