The Spooky Truth About Economic Systems

The Spooky Truth About Economic Activity

​Jot Down Notes as we go... Use abbreviations and symbols to help keep it short and sweet!

​Developed/Industrialized

• ​More advanced & wealth country $$$$$$$

• ​Advanced service sector (Ex. Tech firms)

• ​High standard of living (Ex. flushing toilets, public school)

​Developing/Industrializing

• ​Less wealthy--> Less industry

• ​Lower standard of living

• ​Focus on agriculture and manufacturing (ex. Fishing, textile factories)

Multiple Choice

Which one is it?

• Developed/Industrialized

• Developing/Industrializing

Multiple Choice

Which one is it?

• Developed/Industrialized

• Developing/Industrializing

Multiple Choice

Which one is it?

• Developed/Industrialized

• Developing/Industrializing

Commercial Agriculture

• ​Large-scale farming

• ​Use of large machinery.

• Owned by a company (usually)

Subsistence Agriculture

​

• ​Small-family controlled farms.

• Many different crops for personal consumption.

• ​Sell at local market (sometimes)

• ​Most work done by hand.

Multiple Choice

Which one is it?

• Commercial Agriculture

• Subsistence Agriculture

Multiple Choice

Which one is it?

• Commercial Agriculture

• Subsistence Agriculture

Multiple Choice

Which one is it?

• Commercial Agriculture

• Subsistence Agriculture

Multiple Choice

Which one is it?

• Commercial Agriculture

• Subsistence Agriculture

Commercial Industry

• ​Large-scale factory owned by companies.

• ​Use of machinery.

• Assembly lines/mass production

Cottage Industry

​

• ​small-scale operation

• ​Done in the home.

• ​Worker creates the product from start to finish.

• ​For example: crafter, self-employed

Multiple Choice

Which one is it?

• Commercial Industry

• Cottage Industry

Multiple Choice

Which one is it?

• Commercial Industry

• Cottage Industry

Multiple Choice

Which one is it?

• Commercial Industry

• Cottage Industry

Multiple Choice

Which one is it?

• Commercial Industry

• Cottage Industry

The photos were intentionally selected to show the global economic system. Wealthy, impoverished and countries in-between all have a variety of components. Small, developing countries still have large commercial farms and large, developed countries still have their handmade artisan bread sold at local farmers markets.