Chapter 3 Section 2
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The document discusses different economic systems and levels of economic development. It contrasts industrialized countries with developing countries. Industrialized countries have strong secondary, tertiary, and quaternary industries and rely more on manufacturing. They have high literacy rates and access to technology. Developing countries rely more on agriculture and have lower levels of education and healthcare access. The document also outlines different types of economies, including free enterprise market economies, command economies, and mixed economies.
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Economic sectors
The document discusses the primary, secondary, tertiary, quaternary, and quinary economic sectors. The primary sector involves extracting raw materials from the earth. The secondary sector involves manufacturing finished goods. The tertiary sector provides services to individuals and businesses. The quaternary sector involves intellectual activities like research and education. The quinary sector involves high-level decision making. Developed countries have decreasing proportions of workers in primary and increasing proportions in tertiary sectors.
I N D I A N E C O N O M Y
This document summarizes key features of the Indian economy, including its transition to more market-oriented reforms since 1991. It notes that historically India has struggled with low incomes, poverty, and unemployment. Since economic reforms began in 1991, India has experienced faster GDP growth and rising incomes, though poverty reduction has been slower and inequality remains high. The impacts of globalization and reforms have been mixed, with concerns around issues like jobless growth, regional disparities, and ensuring benefits reach the poor. Overall the economy still faces challenges in generating sufficient employment and raising living standards across the population.
Indian economy-2020
India has experienced strong economic growth in recent decades, becoming the world's fastest growing major economy. Its economy has grown at an average of 6-7% annually since economic liberalization in 1991. India's GDP is expected to continue growing around 7.5% through 2021. Agriculture remains an important sector, absorbing most of the workforce, though services now contribute the largest portion to GDP. The government aims to double farmers' incomes by 2022 through increased investment in infrastructure and adoption of new technologies. Fast growing industries include renewable energy, cybersecurity, biotechnology, and artificial intelligence.
South and East Asian Economies
The document discusses and compares the economies of China, India, Japan, and North Korea on a continuum from command to market. China's economy has 40% in state-run industries and 60% in private sector, placing it slightly toward the market side. India allows more private business than China but still has bureaucracy and corruption, placing it further toward the market. Japan's economy is primarily market-driven, making it closest to the market side. North Korea has a majority of economic activities centrally controlled by the government, placing it much more toward the command side than the other countries.
sectorial growth in india
The document discusses the growth of India's economy, with a focus on the agricultural and services sectors. It notes that agriculture currently contributes around 18% to India's GDP but employs over half the population. The services sector now accounts for over half of GDP and has grown rapidly, especially in IT and IT-enabled services. Key challenges for agriculture include low productivity, resource degradation, and wide disparities across regions. Rapid growth in services has not been evenly distributed or matched by equivalent job growth.
Business Environment
The document provides information on the Indian economy and different economic systems. It states that the Indian economy is the 6th largest in the world by GDP and has grown at about 7% annually for the past two decades. Several key aspects of the Indian economy are highlighted such as its large service and IT sectors. The document also outlines three main economic systems - capitalism, socialism, and communism - and provides brief definitions and characteristics of each.
Current unemployment
This document summarizes the current unemployment situation in India. It discusses how unemployment in India has increased to 7.6% in December 2019, with 18.6 million Indians unemployed. Major causes of unemployment include the caste system, slow economic growth, population increase, and inflexible government policies. The document also examines how unemployment affects the economy through lower GDP, increased government borrowing, lost human capital, and loss of earnings. It concludes that recent government policies have not promoted industry growth and some temporary industry shutdowns have occurred.
Economic system
The document discusses three main types of economic systems - market-based economies, command-based economies, and mixed economies. It provides characteristics, examples and benefits/limitations of each system. A market economy relies on supply and demand, private property, and competition. A command economy involves central government planning and control. A mixed economy combines elements of both market and command systems, with public and private sectors co-existing.
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Economic sectors
The document discusses the primary, secondary, tertiary, quaternary, and quinary economic sectors. The primary sector involves extracting raw materials from the earth. The secondary sector involves manufacturing finished goods. The tertiary sector provides services to individuals and businesses. The quaternary sector involves intellectual activities like research and education. The quinary sector involves high-level decision making. Developed countries have decreasing proportions of workers in primary and increasing proportions in tertiary sectors.
I N D I A N E C O N O M Y
This document summarizes key features of the Indian economy, including its transition to more market-oriented reforms since 1991. It notes that historically India has struggled with low incomes, poverty, and unemployment. Since economic reforms began in 1991, India has experienced faster GDP growth and rising incomes, though poverty reduction has been slower and inequality remains high. The impacts of globalization and reforms have been mixed, with concerns around issues like jobless growth, regional disparities, and ensuring benefits reach the poor. Overall the economy still faces challenges in generating sufficient employment and raising living standards across the population.
Indian economy-2020
India has experienced strong economic growth in recent decades, becoming the world's fastest growing major economy. Its economy has grown at an average of 6-7% annually since economic liberalization in 1991. India's GDP is expected to continue growing around 7.5% through 2021. Agriculture remains an important sector, absorbing most of the workforce, though services now contribute the largest portion to GDP. The government aims to double farmers' incomes by 2022 through increased investment in infrastructure and adoption of new technologies. Fast growing industries include renewable energy, cybersecurity, biotechnology, and artificial intelligence.
South and East Asian Economies
The document discusses and compares the economies of China, India, Japan, and North Korea on a continuum from command to market. China's economy has 40% in state-run industries and 60% in private sector, placing it slightly toward the market side. India allows more private business than China but still has bureaucracy and corruption, placing it further toward the market. Japan's economy is primarily market-driven, making it closest to the market side. North Korea has a majority of economic activities centrally controlled by the government, placing it much more toward the command side than the other countries.
sectorial growth in india
The document discusses the growth of India's economy, with a focus on the agricultural and services sectors. It notes that agriculture currently contributes around 18% to India's GDP but employs over half the population. The services sector now accounts for over half of GDP and has grown rapidly, especially in IT and IT-enabled services. Key challenges for agriculture include low productivity, resource degradation, and wide disparities across regions. Rapid growth in services has not been evenly distributed or matched by equivalent job growth.
Business Environment
The document provides information on the Indian economy and different economic systems. It states that the Indian economy is the 6th largest in the world by GDP and has grown at about 7% annually for the past two decades. Several key aspects of the Indian economy are highlighted such as its large service and IT sectors. The document also outlines three main economic systems - capitalism, socialism, and communism - and provides brief definitions and characteristics of each.
Current unemployment
This document summarizes the current unemployment situation in India. It discusses how unemployment in India has increased to 7.6% in December 2019, with 18.6 million Indians unemployed. Major causes of unemployment include the caste system, slow economic growth, population increase, and inflexible government policies. The document also examines how unemployment affects the economy through lower GDP, increased government borrowing, lost human capital, and loss of earnings. It concludes that recent government policies have not promoted industry growth and some temporary industry shutdowns have occurred.
Economic system
The document discusses three main types of economic systems - market-based economies, command-based economies, and mixed economies. It provides characteristics, examples and benefits/limitations of each system. A market economy relies on supply and demand, private property, and competition. A command economy involves central government planning and control. A mixed economy combines elements of both market and command systems, with public and private sectors co-existing.
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Economic activity can be classified into five sectors:
1) The primary sector involves extraction of natural resources and includes activities like agriculture, fishing, mining and forestry. It dominates in underdeveloped countries.
2) The secondary sector transforms raw materials into goods through manufacturing and industry. It contributes moderately to national income in developed countries.
3) The tertiary sector provides services to consumers and businesses. It accounts for most employment in developed countries.
4) The quaternary sector is knowledge-based and includes information technology, research and development, and knowledge services.
5) The quinary sector involves the highest levels of decision making in government, science, and other major institutions.
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India is experiencing rapid economic growth but there are still significant poverty and development issues, according to the document. While India's GDP growth rate is around 9.2%, over 70% of the population depends on agriculture, where growth has been only 2.7%. Two key regions, Eastern India and Central Tribal India, have very high poverty rates. Other ongoing problems include malnutrition, lack of education access, unemployment, and corruption. So while India is developing economically in some areas, it is not benefiting all citizens equally and poverty remains a major challenge.
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The document discusses manufacturing opportunities in India and China's healthcare system. It outlines that India represents a large economic opportunity as its economy grows. Manufacturing in India has averaged 9% growth annually across sectors like metals, textiles, electronics, chemicals, automobiles and food. India also has a large skilled workforce and is working to attract more foreign direct investment. The document then discusses China's healthcare system which currently covers workers and staff through state medical insurance. China is undertaking major healthcare reforms through 2009-2011 to expand basic coverage to 90% of its population and reform drug and hospital systems.
Agriculture industry and foreign trade
The document discusses key topics related to agriculture, industry, and foreign trade in India. It provides an overview of the role and importance of agriculture in the Indian economy, as well as the main features and problems facing Indian agriculture. It also examines the role of the public and private sectors in industrial development and India's import substitution policy. The green revolution led to increased agricultural productivity but was restricted to some crops and areas. Government policies aimed to address agricultural problems through credit expansion, irrigation, marketing reforms, and minimum support prices.
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This document summarizes the current state and future outlook of the Indian economy according to various reports. It states that India recently became the 6th largest economy in the world, overtaking France, and is poised to become the 5th largest by overtaking the UK in 2019. It also notes that India has the 3rd largest consumer market and will become the 3rd largest economy by 2027. Key drivers of future growth are expected to be rising incomes, urbanization, and increased technology/internet adoption, which will help transform India into a middle-class driven consumption economy with annual consumption exceeding $6 trillion by 2030.
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This document discusses infrastructure in India, focusing on energy, electricity, and health. It notes that infrastructure promotes development and facilitates economic activity. While India has made progress, rural areas still lack basic infrastructure like electricity and sanitation. The energy sector relies heavily on fossil fuels and faces challenges of meeting rising demand. Health infrastructure has a three-tiered system, but rural areas have fewer facilities and doctors. Improving infrastructure, especially in rural areas, is needed to support further development.
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The document summarizes India's economic development over time. It notes that India will become the 3rd largest economy in the world by 2032 according to Goldman Sachs projections. India adopted socialist policies from 1947-1991, which led to slow growth. After adopting liberalization, privatization, and globalization policies in 1991, India's economy grew significantly faster. Major industries now include services, telecommunications, pharmaceuticals, and information technology.
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This document discusses key components of infrastructure that are essential for economic development in India. It outlines that infrastructure includes physical structures like transportation, energy, irrigation, communication, as well as social services like health and education. The document notes that India's 11th Five Year Plan estimates $492.5 billion is needed for infrastructure development. It then examines each component in more detail, highlighting their importance and current challenges.
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The document discusses key economic indicators of India such as GDP growth, contributors to GDP, tax receipts, government expenditures, fiscal deficits, and their implications. It analyzes graphs showing India's strong GDP growth over the decades, rising contribution of the services sector to GDP, high government spending on interest payments and subsidies, and increasing fiscal deficits reflecting a growing debt burden on the government. The rising deficits are a concern as they are driven by non-developmental expenditures and could limit the government's ability to fund important infrastructure projects.
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This document summarizes a research article about reverse migration of workers from urban to rural areas in India due to the long COVID-19 lockdown. It discusses that millions of migrant workers faced immense suffering trying to return home and no longer want to work in cities, instead wanting to sustain themselves with minimal earnings in rural areas. The document then examines factors driving migration from rural to urban areas previously, including lack of rural employment and higher urban wages. It describes the poor conditions that migrant workers, especially short-term circular migrants, faced in cities with low pay, no benefits, and inadequate housing. The lockdown has shown the vulnerability of migrants and many now want to return to their villages permanently.
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This document provides an overview of economic resources and population issues in India. It discusses:
1. The main economic resources of India including land, forests, water, and minerals. It outlines the types and uses of these resources.
2. Concepts related to population like demographic transition, birth and death rates, and factors influencing population growth in India such as development progress and social/cultural practices.
3. The interrelation between population growth and economic development, how high population can strain resources and slow capital formation, but some argue population growth is not inherently an obstacle.
4. India's population policies and family planning programs aimed at stabilizing population growth to support sustainable development.
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This document contains the keynote address delivered by R.Kannan of Hinduja Group at the 4th International Multi-Disciplinary Conference on Transition and Transformation in the 3rd Millennium. Some key points:
- The conference featured research papers on topics like strategic marketing, business ethics, CSR, global management and more.
- Advancements in the 3rd millennium have been rapid, bringing disruption, uncertainty and complexity. Countries' economic dominance has shifted over time.
- India is poised to become the most populous country with the largest youth population and number of entrepreneurs. It is forecast to grow over 7% annually, bringing opportunities but also challenges.
- India has transformed from agriculture
Ch. 4, sec 5
There are three main types of economic systems: traditional economies based on bartering, command economies where production is planned by the central government, and market economies where production is determined by customer demand. Economic development can be measured by metrics like per capita income and gross domestic product. Developed countries have service and manufacturing-based economies, higher standards of living, and better education and healthcare, while developing countries rely more on agriculture and have greater poverty.
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This document provides an overview of economic concepts and systems. It defines key terms like economy, gross domestic product, literacy rate, and types of industry. It also explains the characteristics of different types of economic systems, including free enterprise economies where private individuals and companies make most decisions, socialist economies where the government provides services to citizens, and communist economies where the government controls property and the means of production.
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Economic activity: Definition, Classification and Feature
Economic activity can be classified into five sectors:
1) The primary sector involves extraction of natural resources and includes activities like agriculture, fishing, mining and forestry. It dominates in underdeveloped countries.
2) The secondary sector transforms raw materials into goods through manufacturing and industry. It contributes moderately to national income in developed countries.
3) The tertiary sector provides services to consumers and businesses. It accounts for most employment in developed countries.
4) The quaternary sector is knowledge-based and includes information technology, research and development, and knowledge services.
5) The quinary sector involves the highest levels of decision making in government, science, and other major institutions.
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India is experiencing rapid economic growth but there are still significant poverty and development issues, according to the document. While India's GDP growth rate is around 9.2%, over 70% of the population depends on agriculture, where growth has been only 2.7%. Two key regions, Eastern India and Central Tribal India, have very high poverty rates. Other ongoing problems include malnutrition, lack of education access, unemployment, and corruption. So while India is developing economically in some areas, it is not benefiting all citizens equally and poverty remains a major challenge.
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The document discusses manufacturing opportunities in India and China's healthcare system. It outlines that India represents a large economic opportunity as its economy grows. Manufacturing in India has averaged 9% growth annually across sectors like metals, textiles, electronics, chemicals, automobiles and food. India also has a large skilled workforce and is working to attract more foreign direct investment. The document then discusses China's healthcare system which currently covers workers and staff through state medical insurance. China is undertaking major healthcare reforms through 2009-2011 to expand basic coverage to 90% of its population and reform drug and hospital systems.
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The document discusses key topics related to agriculture, industry, and foreign trade in India. It provides an overview of the role and importance of agriculture in the Indian economy, as well as the main features and problems facing Indian agriculture. It also examines the role of the public and private sectors in industrial development and India's import substitution policy. The green revolution led to increased agricultural productivity but was restricted to some crops and areas. Government policies aimed to address agricultural problems through credit expansion, irrigation, marketing reforms, and minimum support prices.
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Economics
This document summarizes the current state and future outlook of the Indian economy according to various reports. It states that India recently became the 6th largest economy in the world, overtaking France, and is poised to become the 5th largest by overtaking the UK in 2019. It also notes that India has the 3rd largest consumer market and will become the 3rd largest economy by 2027. Key drivers of future growth are expected to be rising incomes, urbanization, and increased technology/internet adoption, which will help transform India into a middle-class driven consumption economy with annual consumption exceeding $6 trillion by 2030.
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This document discusses infrastructure in India, focusing on energy, electricity, and health. It notes that infrastructure promotes development and facilitates economic activity. While India has made progress, rural areas still lack basic infrastructure like electricity and sanitation. The energy sector relies heavily on fossil fuels and faces challenges of meeting rising demand. Health infrastructure has a three-tiered system, but rural areas have fewer facilities and doctors. Improving infrastructure, especially in rural areas, is needed to support further development.
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The Indian economy has a GDP of $1.824 trillion, with the service sector contributing the most at 56.9% of GDP. Agriculture contributes 17.4% despite facing problems like poor infrastructure and lack of storage facilities. The industrial sector, including textiles, retail, and manufacturing, contributes 28.8% but has potential for more growth. Information technology and business process outsourcing are major contributors to the strong service sector. Addressing agricultural challenges and increasing manufacturing output could help develop the Indian economy further.
India shining
The document summarizes India's economic development over time. It notes that India will become the 3rd largest economy in the world by 2032 according to Goldman Sachs projections. India adopted socialist policies from 1947-1991, which led to slow growth. After adopting liberalization, privatization, and globalization policies in 1991, India's economy grew significantly faster. Major industries now include services, telecommunications, pharmaceuticals, and information technology.
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Mao Zedong and Mahatma Gandhi were influential 20th century leaders who led revolutions in China and India respectively. Though they had differing views on some issues like the use of violence, they both advocated for women's rights and ending imperialism in their countries. Key differences included Mao's belief in class struggle and Gandhi's opposition to social classes. Overall, they both shaped their nations but are now seen quite differently, with Mao receiving more criticism for policies like the Great Leap Forward and Cultural Revolution.
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This document discusses key components of infrastructure that are essential for economic development in India. It outlines that infrastructure includes physical structures like transportation, energy, irrigation, communication, as well as social services like health and education. The document notes that India's 11th Five Year Plan estimates $492.5 billion is needed for infrastructure development. It then examines each component in more detail, highlighting their importance and current challenges.
Budget
The document discusses key economic indicators of India such as GDP growth, contributors to GDP, tax receipts, government expenditures, fiscal deficits, and their implications. It analyzes graphs showing India's strong GDP growth over the decades, rising contribution of the services sector to GDP, high government spending on interest payments and subsidies, and increasing fiscal deficits reflecting a growing debt burden on the government. The rising deficits are a concern as they are driven by non-developmental expenditures and could limit the government's ability to fund important infrastructure projects.
Reverse Migration Due to Long Lockdown in India- Is it Sustainable?
This document summarizes a research article about reverse migration of workers from urban to rural areas in India due to the long COVID-19 lockdown. It discusses that millions of migrant workers faced immense suffering trying to return home and no longer want to work in cities, instead wanting to sustain themselves with minimal earnings in rural areas. The document then examines factors driving migration from rural to urban areas previously, including lack of rural employment and higher urban wages. It describes the poor conditions that migrant workers, especially short-term circular migrants, faced in cities with low pay, no benefits, and inadequate housing. The lockdown has shown the vulnerability of migrants and many now want to return to their villages permanently.
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This document provides an overview of economic resources and population issues in India. It discusses:
1. The main economic resources of India including land, forests, water, and minerals. It outlines the types and uses of these resources.
2. Concepts related to population like demographic transition, birth and death rates, and factors influencing population growth in India such as development progress and social/cultural practices.
3. The interrelation between population growth and economic development, how high population can strain resources and slow capital formation, but some argue population growth is not inherently an obstacle.
4. India's population policies and family planning programs aimed at stabilizing population growth to support sustainable development.
Infrastructure of India Seminar
This document discusses infrastructure in India and its relationship to economic development. It provides an overview of different types of infrastructure including transportation, energy, education, health, and sanitation. It also analyzes infrastructure indicators and access across various countries. For India specifically, it notes that rural areas still lack adequate access to infrastructure like electricity, sanitation facilities, and healthcare. Improving infrastructure equitably across urban and rural areas is important for further developing the Indian economy and improving standards of living.
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3rd Millennium – Opportunities, Issues and Challenges
This document contains the keynote address delivered by R.Kannan of Hinduja Group at the 4th International Multi-Disciplinary Conference on Transition and Transformation in the 3rd Millennium. Some key points:
- The conference featured research papers on topics like strategic marketing, business ethics, CSR, global management and more.
- Advancements in the 3rd millennium have been rapid, bringing disruption, uncertainty and complexity. Countries' economic dominance has shifted over time.
- India is poised to become the most populous country with the largest youth population and number of entrepreneurs. It is forecast to grow over 7% annually, bringing opportunities but also challenges.
- India has transformed from agriculture
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It then evaluates the goals of different systems and the tradeoffs between economic freedom, security, growth and other factors in capitalistic systems.
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The document discusses business activity and how firms operate within an economy. It describes how firms combine resources to produce goods and services, either to make a profit or meet needs in a non-profit manner. Industries are grouped into three sectors - primary extracts resources, secondary processes them, and tertiary provides services. A country's industrial structure depends on the relative size of these sectors. The size of individual firms can be measured by number of employees, capital employed, output levels, and market share within an industry.
Unit 5
This document discusses economic activities and the sectors of the economy. It defines economic activity as the process through which human needs are satisfied through production, distribution, and consumption of goods and services. The economy is divided into three sectors: the primary sector involves obtaining natural resources; the secondary sector involves manufacturing raw materials; and the tertiary sector involves providing services. Examples of each sector and their roles in the economy are provided.
Principles of agricultural economics lecture 1 ( mr simbarashe dube)
Principles of agricultural economics lecture 1 ( mr simbarashe dube)Norges Bank Investment Management Recruitment program
This document provides definitions and descriptions of key economic concepts, including agricultural economics, economic systems, and the three main types of economic systems - command economy, market economy, and mixed economy. It defines agricultural economics as "an applied social science that deals with how producers, consumers and societies use scarce resources in the production, processing, marketing and consumption of food and fiber products". It then describes the three main economic systems - command economy where the government controls economic decisions, market economy where individual choice and supply/demand determine the economy, and mixed economy with elements of both government and private sectors. The document outlines advantages and disadvantages of each system.Economics basics
Every society must answer three basic economic questions: what to produce, how to produce it, and who will consume the output. This document discusses different types of economic systems - traditional, command, and market - and how most modern economies are mixed. It also covers international trade, currency exchange rates, barriers to trade, and factors like natural resources, education, and technology that influence standards of living.
Unit 5
The document discusses the three main sectors of the economy: primary, secondary, and tertiary. The primary sector involves obtaining natural resources and raw materials through activities like agriculture, livestock, forestry, and fishing. The secondary sector transforms these raw materials through manufacturing, mining, construction, and energy production. The tertiary sector provides services and does not create materials, including commerce, tourism, transportation, communication, healthcare, and education.
Unit 6
This document provides an overview of economic activities and sectors. It defines economic activity as the process of satisfying human material needs through production, distribution, and consumption of goods and services. The economy is divided into three sectors: primary, secondary, and tertiary. The primary sector involves obtaining natural resources and includes agriculture, livestock farming, forestry, and fishing. Agriculture involves farming land through techniques like dry/irrigation farming and intensive/extensive farming. Livestock farming raises animals through extensive or intensive methods. Forestry exploits wood and other raw materials from forests.
Unit 5
The document discusses economic concepts and activities. It begins by defining economic activity as the process of satisfying human material needs through production, distribution, and consumption of goods and services. It then explains the three main sectors of the economy: primary involves obtaining natural resources, secondary involves manufacturing raw materials, and tertiary involves providing services. Within these sectors, various economic activities are described such as agriculture, industry, commerce, and different types of resource extraction and production. Key economic terms and systems like factors of production, supply and demand, and different models of governance are also outlined.
Unit 5
The document summarizes key concepts related to economic activities and the structure of economies. It defines economic activity as the process of satisfying human material needs through production, distribution, and consumption of goods and services. Economies are divided into three sectors: primary involves obtaining natural resources; secondary involves manufacturing and industry; tertiary involves services. Different economic systems determine what, how, and for whom to produce goods based on market forces or central planning. Mixed economies combine elements of both.
Lecture1 Basic Economic Concepts (1)
This document provides an overview of microeconomics concepts including:
1. Economics is defined as the study of how scarce resources are allocated among alternative uses.
2. Key concepts in microeconomics include rational choice, incentives, marginal analysis, and opportunity cost.
3. Economic systems must answer questions about what to produce, how to produce it, and who receives it given the constraints of scarce resources.
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Chapter 3 Section 2
- 1. Chapter 3-Section 2 Economics and Population
- 4. Economic Activities Four Industries Primary Secondary Tertiary Quaternary Farming, Fishing, Mining Forestry Manufacturing and Construction Trucking, Restaurants, Grocery Stores Research and Management
- 6. Levels of Economic Development Limited access to phones and computers Access to phones and computers 5.Telecomm. Not Accessible-few doctors and hospitals Accessible-many doctors and hospitals 4.Health Care Few Schools- LOW Literacy Rate Many schools- HIGH Literacy Rate 3.Education Primary ---------------------------- Farming, fishing, mining, forestry Secondary, Tertiary, Quaternary ----------------------------- Manufacturing, Service, Information 2. Economy --------------------- Industry India, African Nations, S./Cent. American USA, Canada Japan W. Europe, Australia 1.Examples Developing Industrialized