About This Chapter
Modern Economic Systems Overview - Chapter Summary
The lessons in this chapter provide an overview of modern economic systems. You'll get up to speed on topics such as central place theory in service distribution, the origin of the manufacturing industry, services in contemporary urban settlements, and more. After completing the chapter, you should be prepared to:
- Describe economic sectors, including primary, secondary, and tertiary
- Discuss origins and regions of the manufacturing industry
- Explore aspects of industrial sites, such as land, labor, and capital
- Examine the origin of different types of service industries
- Discuss local distribution companies and material distribution centers
- Identify services in early and contemporary rural and urban settlements
- Explain central place theory and perform market-area analysis for service distribution
These text and video lessons are brief and engaging, which helps you quickly grasp the topics covered. Each video is accompanied by a full written transcript. Key words are highlighted in bold print for quick reference. A brief multiple-choice quiz is available for each lesson to test your knowledge, and the quizzes have links back to specific topics for further review where needed.
1. Economic Sectors: Primary, Secondary & Tertiary
This lesson will seek to explain the different sectors of the economy. In doing so, it will concentrate on the primary sector, the secondary sector, and the tertiary sector. It will also highlight the service industry.
2. Manufacturing Industry: Origin and Regions
This lesson will seek to explain the origins of industry, specifically the Industrial Revolution. In doing this, it will focus on Great Britain and inventions, like the Spinning Jenny and the steam engine. It will also highlight the exports of today.
3. Industrial Sites: Land, Labor & Capital
This lesson will seek to explain the factors that go into industrial site consideration. It will focus on land, labor, and capital. It will also highlight proximity of inputs and infrastructure.
4. Service Industries: Origin and Types
This lesson will seek to define the concept of the service industry. In doing so, it will focus on consumer, business, and public services while also defining division of labor, automation, and urbanization.
5. Local Distribution Companies & Material Distribution Centers
This lesson will seek to explain local distribution companies and material distribution centers. In doing this, it will highlight tangible goods and legalized distribution of utilities.
6. Services in Early and Contemporary Rural Settlements
This lesson will seek to explain services and products in early and contemporary rural areas. In doing this, it will highlight the Industrial Revolution, commercialization, cash crops, and urbanization.
7. Services in Early and Contemporary Urban Settlements
This lesson will explain services available in early and contemporary cities. It will highlight the terms urban, rural, urbanization, division of labor, and welfare systems.
8. Service Distribution: Central Place Theory & Market-Area Analysis
This lesson seeks to explain the central place theory and market area analysis. In doing this, we will highlight range, threshold, competition, and transportation.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the US History 2 Study Guide course
- Industrialization & Urbanization in America
- The Progressive Era
- American Imperialism
- The Roaring 20s
- The Great Depression
- America & World War II
- America in the Cold War
- US Protests, Activism & Civil Rights
- 1970s America
- The Presidents of Contemporary America
- Explaining American Traditions
- 21st Century America (1992-2013)
- Elements of American Government
- U.S. Public Policy & Social Programs
- The Economics of Public Policies
- Fiscal & Economic Policy of American Government
- Employment and Unemployment Issues
- Types and Effects of Inflation
- Global Trade, Global Markets & Macroeconomics
- Principles and Basis of Business Decisions
- International Trade Treaties & Regulations
- Fundamentals of Geography
- Geography and Farming
- Geography & the Global Economy
- Political Geography Overview
- Settlement Patterns Overview
- World Population
- Human and Cultural Migration