1. Sectors of the Economy
1.1. Primary
1.1.1. Agriculture and industries directly involved with natural resources and raw materials
1.1.1.1. For example, cotton is picked.
1.2. Secondary
1.2.1. Based on manufacturing and change the raw materials created by primary activities into finished products
1.2.1.1. The cotton is turned into a T-shirt.
1.3. Tertiary
1.3.1. Handle the goods that are finished and ready to be sold to the consumer
1.3.1.1. The T-shirt is sold in a store.
1.4. Quaternary
1.4.1. Made up of people with specialized skills that work directly with information
1.4.1.1. People present sales pitches and adverstisements to sell the T-shirt.
1.5. Quinary
1.5.1. High-status executives who make high-level decisions with regards to economic activities
1.5.1.1. The CEO of the T-shirt company makes investments to further expand the company.
2. Economics
2.1. The study of production, distribution, and use of goods and services
2.2. Also studies and predicts how consumers will spend their money.
3. Scarcity
3.1. Demand
3.1.1. How willing and able people are to buy goods and services
3.1.1.1. On Halloween night, there is a high demand for candy.
3.2. Supply
3.2.1. Amount of a product or service that is available
3.2.1.1. Companies produce more candy before Halloween to meed the high demand.
3.3. The higher the supply, the lower the demand. The higher the demand, the lower the supply.
4. Producer
4.1. A person, company, or country that makes, grows, or supplies goods for sale
5. Consumer
5.1. The people who purchased the goods or services from the seller
6. Factors of Production
6.1. Land
6.1.1. Raw materials or any natural resources that are required to produce goods
6.1.1.1. An entrepreneur buys a lot of land and builds a coffee shop.
6.2. Labor
6.2.1. Income
6.2.1.1. The money that a laborer earns by selling their labor to an employer
6.2.2. Any human effort needed to manufacture goods
6.2.2.1. The entrepreneur hires baristas.
6.3. Capital
6.3.1. Asset
6.3.1.1. A property that people or companies own that has value
6.3.2. The goods that are needed to make other goods and services
6.3.2.1. In order to make the coffee, the entrepreneur needs coffee beans, milk, and sugar.
6.4. Entrepreneurial Ability
6.4.1. Entrepreneur
6.4.1.1. A person who starts a business in a free enterprise system
6.4.2. The risks that the entrepreneur takes by combining the other factors of production with the hope that someone will buy the finished product or service
6.4.2.1. The entrepreneur knows that Starbucks and Dunkin Donuts create strong competition, hwoever he choosed to take a risk.
6.4.3. The product resulting from the action of burning coal until the impurities were gone and pure carbon was formed.
6.4.3.1. It is used as fuel, primarily in iron ore smelting. This allowed for steel production.
7. Pittsburgh
7.1. Coke
7.2. STEM
7.2.1. An acronym for Science, Technology, Engineering, and Math
7.3. Fortune 500 Companies
7.3.1. The top 500 companies that Fortune magazine lists every year with regards to their sales, assets, earnings, and capitalization
7.4. Steel
7.4.1. Pittsburgh's early economy was built on its main export- steel. It allowed some of the richest men in Pittsburgh history- like Andrew Carnegie and Henry Clay Frick- to accumulate their wealth.
7.4.1.1. https://explorepahistory.com/hmarker.php?markerId=1-A-23D
8. Transportation in Pittsburgh
8.1. Transportation
8.1.1. The process of transporting or being transported
8.2. Highways/Roads
8.2.1. I-76 , I-79, I-68, I-80, I-376, I-279, I-579 U.S. 22-30, U.S. 19
8.3. Railroads
8.3.1. CSX and Norfolk Southern
8.4. Airports
8.4.1. Pittsburgh International Airport
8.5. Ports
8.5.1. Port of Pittsburgh