BST Chapter 2.1 Flashcards
An economy consists of __________________________________________ related to _________________________________________ of _________________________________. No two economies are ________________________. Each is formed according to its own _____________________________________.
all the activities, the production, consumption and trade, goods and services, identical, resources, culture, laws, history and geography.
For example, as Bangladesh is a predominantly muslim country there is no pig farming at all (as nobody will eat pork)
Bangladesh is a ______________________________ with _____________________________________ and ____________________________________
mixed economy, private businesses controlling most sectors of production, distribution of goods and resources.
The economy of Bangladesh is ________________________________________. It is the ___________________________________________ and is considered as ________________________________________ with a ___________________________.
a major developing market economy, second largest economy in South Asia, one of the fastest growing economics in the world, steady increase in GDP or Gross Domestic Product.
GDP is a measure used to evaluate the health of a country’s economy. It is the total value of the goods and services produced in a country during a specific period of time, usually a year.
Define GDP (homework)
GDP stands for … It is a measure used to evaluate the health of a country’s economy (how poorly or how well it is doing). It is the total value of the goods and services produced by a country during a specific period of time (usually a ear).
GDP is used throughout they world as the main measure of output and economic activity.
Economics can be classified into different sectors. Economic sectors group together/put together companies that are engaged in similar business activities
The primary sector of the economy includes any industry involved in the collection and production of raw materials such as farming agriculture, fishing, forestry and mining. The primary sector tends to make up a larger portion f the economy in developing countries.
Agriculture is a primary sector of Bangladesh
Everything must work smoothly in all three sectors and they must work together so the customers/consumers are satisfied and can get what they need. For example, if farmers suddenly go on strike, wet be able to get proper services/what we need (might be a food shortage, etc.) so there will be a negative impact on the economy too. –> in the primary sector.
The secondary sector is concerned with the processing of resources and making them into usable good. This is known as the manufacturing industry
As an example, eggs. The hens and chickens would be fed , harvested and grown by the farmers. Then the eggs would lay. They would then be sent to the secondary sector (the factories). Over there, they would be checked over, packaged, put expiration dates, etc. Finally they would be sold/sent to the tertiary sector (in this case the shop owners) (e.g the grocery/supermarket) where we/consumers would be provided a service by buying the eggs.
The tertiary sector is about providing services. These range from commercial services such as shops, banks and transport to personal services e.g. hairdressers. This sector also includes public utilities such as water supply, electricity supply etc.
