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Copy of Economic Systems and Levels of Industry
Transcript of Copy of Economic Systems and Levels of Industry
mean to you?
Is one more important than the other?
Also referred to as a planned economy
Means of production are publicly owned (government controlled)
Prices are also controlled by the government
What type of government is associated with a command system?
Means of production are privately owned.
Based on supply and demand.
No government control of prices.
Mixed economies are a combination of the aforementioned types
They are based on the idea of a free market and private ownership, but the government provides oversight.
Modern Command Economies
Levels of Industry
People who work at this level of the economy are tasked with
natural resources from the earth.
Jobs at the Primary Level
People who work in the secondary level of industry
produce finished goods for others to use or consume.
Jobs at the Secondary Level
This level of the economy is the
service industry (not including education).
Jobs at the Tertiary Level
Jobs in this sector include
services that involve intellectual activity.
Jobs at the Quaternary level.
Which Economic System Do You Favor and why?
In your notebook on the notes page write: "Economic Systems"!