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Economic Activities
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Primary ActivitiesSecondary Activities Tertiary ActivitiesQuaternary Activities
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Primary Activities Use natural resources directly Location: at the site of the natural resource being used Examples: wheat farming, iron mining
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Secondary Activities Use raw materials to produce or manufacture something new Location: close to the resource or close to the market for the finished product Examples: processing wheat into flour, manufacturing steel
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Tertiary Activities Provide services to people and businesses Location: usually near customers Examples: bakeries, car dealerships
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Quaternary Activities Process and distribute information Location: anywhere Examples: plant-genetics research, automotive engineering
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Make Your Own Example Milk Fish Petroleum Wood Cotton Other
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EconomyMotivatorDescriptionLocationDef. Create Chart below
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Economic Systems The method used by a society to produce and distribute goods and services
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Traditional Economy
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Traditional Motivator Survival
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Traditional Description People make goods for themselves or their families with little surplus based on habits, customs, or rituals
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Traditional Location Poor countries and rural areas Limited today Inuit of northern Canada, Masai tribe
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Traditional Definitions Subsistence Agriculture – producing just enough food for a family or village to survive Cottage Industry – small scale industries based in the home
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Market Economy
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Market Motivator Profit
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Market Description People freely choose what to buy or sell
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Market Location No country has a pure market economy. US and others like it have a mixed economy.
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Market Definition Free enterprise/capitalism – the idea that private individuals or groups have the right to own property or businesses and make a profit with only limited government interference.
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Market Definition Mixed economy – the government supports and regulates free enterprise through decisions that affect the marketplace
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Command Economy
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Command Motivator Government regulations
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Command Description The government establishes products, locations, and prices
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Command Location Communist countries – Cuba, North Korea
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Command Definition Communism – an economic and political system in which the government owns or controls almost all the means of production.
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Socialism – –equal distribution of wealth; –all major production decisions are controlled; –Public ownership of most land, factories, and other means of production –Politically some are democracies (elect leaders)
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Development HDI- Human Development Index More Developed Country (MDC)- country that has high levels of human development, economy focused on tertiary and quaternary sectors
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Newly Industrialized Country (NIC)- Country experiencing an industrial revolution. Economy focused in secondary sector. High population growth. Standard of living is improving. India-
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Less Developed Country (LDC)- country has not experienced and industrial revolution. High Birth rate and death rate. Focused in primary sector of the economy Democratic Republic of the Congo
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