Ch 10: Modern Economic Systems

About This Chapter

Watch engaging video lessons to find out about various aspects of today's economic systems. The short multiple-choice quizzes that follow each lesson offer a way to measure your learning.

Modern Economic Systems - Chapter Summary and Learning Objectives

Economic systems are complex entities more easily understood when you learn about their history and progress through the years. This chapter introduces you to industry's origins and can help you understand the services that were offered in early urban and rural settlements. You can also find out why specific industries are set in certain locations. In these lessons, you can learn things such as:

  • Three sectors of an economy
  • World-wide industrial regions
  • Three types of services
  • Consumer service distribution

Video Objective
Economic Sectors: Primary, Secondary & Tertiary Explain tertiary, primary and secondary sectors of an economy and how those names show the extent of direct involvement with physical resources taken from the Earth.
Manufacturing Industry: Origin and Regions Follow the beginnings of industry and discuss the industrial regions in Europe, North America and East Asia.
Industrial Sites: Land, Labor & Capital Explore the various concerns in site location, such as proximity to inputs, markets and transportation. Outline why some industries often move around the world while others remain constant.
Service Industries: Origin and Types Map out the origins of services and explain consumer, business and public services.
Local Distribution Companies & Material Distribution Centers Compare and contract LDC's and MDC's, while explaining their distribution of services around the world.
Services in Early and Contemporary Rural Settlements Give examples of these early rural service offerings.
Services in Early and Contemporary Urban Settlements Highlight the characteristics of the services provided in urban settings.
Service Distribution: Central Place Theory & Market-Area Analysis Address the regular patterns that distinguish consumer services distribution while explaining central place theory and market-area analysis.

8 Lessons in Chapter 10: Modern Economic Systems
Test your knowledge with a 30-question chapter practice test
Economic Sectors: Primary, Secondary & Tertiary

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.

Manufacturing Industry: Origin and Regions

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.

Industrial Sites: Land, Labor & Capital

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.

Service Industries: Origin and Types

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.

Local Distribution Companies & Material Distribution Centers

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.

Services in Early and Contemporary Rural Settlements

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.

Services in Early and Contemporary Urban Settlements

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.

Service Distribution: Central Place Theory & Market-Area Analysis

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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