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Economic Systems

Economic Systems. Economic geography -the study of how people use resources to earn a living and how they link among economic activities Money-Making Activities : Primary (first order) Secondary (second order) Tertiary (third order) Quaternary (fourth order). Primary Activities.

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Economic Systems

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  1. Economic Systems • Economicgeography-the study of how people use resources to earn a living and how they link among economic activities • Money-MakingActivities: • Primary (first order) • Secondary (second order) • Tertiary (third order) • Quaternary (fourth order)

  2. Primary Activities • Use natural resources directly • Location: at the site of the natural resource being used • Ex: wheat farming, iron mining

  3. 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 • Other factors affectinglocation-labor, energy, and land costs • Ex: wheat to flour, manufacturing steel

  4. Tertiary Activities • Provide services to people and businesses • Location: usually near customers • Ex: bakeries, car dealerships

  5. Quaternary Activities • Process and distribute information • referring to activities which involve the collection, recoding, arranging, storage, retrieval, exchange, and dissemination of information • Locations: anywhere • Other factors affectinglocation: access to skilled workers, good transportation and communications systems, places with pleasant climates and high quality of life • EX: plant-genetics research, automotive engineering

  6. Economic Systems • THREE TYPES OF ECONOMIES • Subsistence/TraditionalEconomy • Market Economy • CommandEconomy

  7. THREE TYPES OF ECONOMIES Subsistence/Traditional Economy • People grow food and make goods for themselves and their families • Usually passed down from one generation to the next • Found in the world’s poorer countries, particularly in the rural areas.

  8. Market Economy • people choose freely what to buy and sell. • Freeenterprise—allows competition among businesses determine the price of products • Capitalism—the businesses, industries, and resources are PRIVATELY owned

  9. Command Economy • the government decides what to produce, where to produce it, and how much should be charged for it. • Communism—an economic and political system in which the GOVERNMENT owns or CONTROLS almost all the means of production.

  10. PRIMARY ACTIVITIES SECONDARY ACTIVITIES TERTIARY ACTIVITIES QUATERNARY ACTIVITES

  11. QUATERNARY ACTIVITES

  12. SECONDARY ACTIVITIES

  13. TERTIARY ACTIVITIES

  14. PRIMARY ACTIVITIES

  15. Assignment • Fold a piece of paper in half. On each half write a category of money making activity; Primary, Secondary, Tertiary, Quaternary. Write the definition of that activity. Draw an example of a job in that category of activity. Explain where the job is located in relation to the resource it deals with and why.

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