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Economic Systems
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  • 1. Economic systems
  • 2. What is an ecosystem?
  • 3. What is an ecosystem? An ecosystem describes how the factors below interact with each other. An economic system is the process of production, distribution and consumption. Input – what goes in Outputs – what goes out Processes – what goes on
  • 4. Different types of economic systems: A closed system – subsistence farming Input – labour, seed, animals, manure, soil, rain & sunlight. Outputs – food, seed, manure & food energy back into the ecosystem as inputs. Processes – planting, weeding, harvesting & tending stock.
  • 5. What is subsistence farming?
    • Subsistence farming is when a farm only grows enough crops and produce for its own survival.
  • 6. An open system – manufacturing industry Inputs – what has to be paid for, raw materials, labour supply, energy/power, site, finance and machinery Outputs – The sale (leading to profit or loss), finished products & waste products. Income from sales used as reinvestments Processes – Processing, packaging and assembly, distribution
  • 7. What factors affect locations of different types of economic activity?
  • 8. Factors affecting location:
    • The type of economic activity – primary, secondary, tertiary.
    • The cost of the location to rent/buy
    • The cost of labour
    • Power and water supplies
    • And the disposal of waste materials.
  • 9. What is Primary, Secondary and Tertiary?
  • 10.
    • Primary – this is when they extract natural resources directly from the ground.
    • e.g. coal mining, oil drilling, farming, fishing and forestry.
  • 11.
    • Secondary –The manufacturing industry, this is when they turn natural raw materials into products.
    • For example steel production from an iron ore, wood products from timber and food products from farmed crops.
  • 12.
    • Tertiary -tertiary is the services industry when manufactured goods are sold or a service is provided.
    • For example Doctors, teachers, shop assistants and entertainers all provide a service.
  • 13.
    • Quaternary- there is also another industry called the quaternary industry.
    • For example, HI tech industries, training and health.
  • 14.