Updated: 11/23/2020

Storyboard Text

  • Socialism is when the government controls some parts of the economy
  • Communism is when the government controls the entire economy.
  • Capitalism is a free market that lets the price of goods determine themselves
  • The first sector of Economic is the Primary Sector. It is based on Agriculture and the production of foodborne goods.
  • The second sector, or secondary sector is centered around Manufacturing.
  • The third sector is called the tertiary sector. It is based around service to people and shops.
  • The fourth sector is the Quaternary sector. It has to deal with the handling and processing of knowledge.
  • The fifth and final sector is the Quinary Sector. it is based upon important decision makings in governmental matters and such related.
  • THe industrial revolution began in Britain. Britain saw the steam powered machines and pushed for more mechanization and automation.
  • The industrial revolution spread to the Americas after Britain, we quickly industrialized and improved technology. Especially during and after world war 1.