Economies Around the World

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Economies Around the World
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Homework

• Study for quiz 4 kinds of industries Tuesday
• Work on study guide

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Industries
Primary Secondary Tertiary Quatenary

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Do Now
Lesson Essential Question What are the different industries and economies around the world?

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Vocabulary

• industry all of the businesses that make one
  kind of product or provide a service
• developed countries established economies with
  all 4 kinds of industries
• developing countries country with fewer
  industries
• GDP gross domestic product (measure of total
  value of goods and services a country produces)

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Primary Industry

• natural resources
• farming Delmonte, Green Giant, Hanover
• fishing
• logging
• mining
• brings natural resources (raw) to market

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Primary Industry

• Extract raw materials (which are natural
  products) from the land or sea e.g. oil, iron
  ore, timber, fish.
• Mining, quarrying, fishing, forestry, and farming
  are all example of primary industries.

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Your Turn

• Think of 3 local primary industries in our area.
• Share Out

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Secondary Industries

• natural raw finished product
• iron ore steel (Bethlehem Steel Mill)
• cotton clothing (Gap, Old Navy, Aeropostale)
• petroleum gasoline (Texaco, BP, Gulf)

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Secondary Industry

• Involve the manufacture of raw materials, into
  another product by manual labour or machines.
• Secondary industries often use assembly lines
  e.g. a car factory

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Tertiary Industries

• sells and transport natural resources
• from primary industries and finished products
  from secondary industries
• Stores and trucking (transportation) companies

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Tertiary Industry (Service Industry)

• Neither produce a raw material nor make a
  product.
• Instead they provide services to other people and
  industries.
• Tertiary industries can include doctors,
  dentists, refuse collection and banks.

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Tertiary Industries

• education
• health care/medical fields
• banking
• hairstylists
• (service jobs)

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Quaternary Industries

• Involve the use of high tech industries. People
  who work for these companies are often highly
  qualified within their field of work.
• Research and development companies are the most
  common types of businesses in this sector.
• http//revisionworld.com/gcse-revision/geography/i
  ndustry/different-types-industry

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First

• The raw material cotton is extracted by primary
  industries
• The cotton may then be turned into an item of
  clothing in the secondary industry.

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Next

• The cotton may then be turned into an item of
  clothing in the secondary industry.

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Then

• Tertiary industries may advertise the goods in
  magazines and newspapers.

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Lastly

• The quaternary industry may involve the product
  being advertised or researched to check that the
  item of clothing meets the standards that it
  claims

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Developing Countries

• May not have all 4 industries
• Limited natural resources
• Limited education institutions
• Few interstates, railroad systems, bridges,
  airports, paved roads
• Limited international trade and commerce

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Developed Countries

• variety of industries, businesses
• educational institutions
• strong infrastructures
• strong economy
• established government
• high GDP

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Gross Domestic Product

• Measure of the total value of goods and services
  a country produces
• (measure of a countrys economy)
• United States
• Germany
• Italy
• China

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Standard of Living

• a measure of how well its people live
• (measure of a countrys economy)
• average persons income
• how much people spend and save

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Traditional Economy

• Little change
• Same kinds of jobs/work as early generations
• Based on custom or habit

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Subsistence Farming

• Growing only enough food for themselves and
  families
• Therefore, not able to buy better tools farming
  techniques
• Africa
• Asia
• South America

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Command Economy

• government or central authority makes decisions
• controls farms, factories
• dictates what is made, how much and salaries
• Cuba