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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.