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CHAPTER 2

CHAPTER 2. Lesson #3B Economies. Activating Strategy. Check out the nice shirt that Mr. Fisher has on today. Where did he get it?? Where did it come from??

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CHAPTER 2

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  1. CHAPTER 2 Lesson #3B Economies

  2. Activating Strategy Check out the nice shirt that Mr. Fisher has on today. Where did he get it?? Where did it come from?? Using page one in your packet (six squares) trace the history of his cotton shirt by using words and pictures. Think about all the steps that need to be completed in order for him to buy this cool shirt at JC Penney’s.

  3. Lesson #3A Vocabulary 1) Industry 2) Subsistence Farming 3) Free Enterprise 4) Developed Country 5) Developing Country 6) Gross Domestic Product (GDP)

  4. Lesson #3A INDUSTRY VOCABULARY • Primary • Secondary • Tertiary • Quarternary

  5. INDUSTRY All the businesses that make one kind of product or provide one kind of service

  6. SUBSISTENCE FARMING Farming in which people raise only enough food for themselves and their families

  7. FREE ENTERPRISE An economic system in which people choose what to make, sell, or buy without government control

  8. DEVELOPED COUNTRIES A country with a well-established economy generally containing all four forms of industry

  9. DEVELOPING COUNTRIES A country that is stilling being built. Fewer kinds of industry.

  10. GDP Gross domestic product The total value of the goods and services produced in a country

  11. TYPES OF INDUSTRIES - PRIMARY Definition An economic activity that directly involves natural resources or raw materials. These type of industries provide raw materials for secondary industries. Examples: Farming, Fishing, Logging, and Mining

  12. TYPES OF INDUSTRIES- Secondary Definition Economic activities that change raw materials into a finished product. Examples: Clothing Factories, Oil Refineries, and Steel Mills

  13. TYPES OF INDUSTRIES- Tertiary Definition Economic activities that handle goods that are ready to be sold to customers. They are include services such as banking and healthcare Examples: Stores and Trucking Companies

  14. TYPES OF INDUSTRIES- Quarternary Definition Economic activities that involve specialized skills or knowledge. Examples: Scientist, accountants, architects, lawyers, and engineers. (These people provide services just like tertiary)

  15. Command Economy -The government makes most of the economic decisions. It controls farms and factories. People are not free to make their own decisions. The government decides how much they will earn and how much the goods and services will cost.

  16. Traditional Economy This economy shows little change Economic decisions are based on a custom or a habit. People do the same type of work as people did in earlier times Most people practice subsistence farming so they are not able to buy better tools to improve farming methods.

  17. Market Economy Follows the principle of supply and demand. As demand increases, supplies increase. The people own and control businesses. This system benefits the average citizen. The people decide which goods and services they will buy or produce. The people decide how to spend their money. The people decide what kind of job they will have.

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