CONWORLD - LESSON 4-5 Flashcards
It is composed of people; it is also the sole social institution that handles all production, consumption, and the trade of goods in our society.
Economy
We simply call the economy as our?
Market
What are the three (3) Sectors of Production
Primary Sector
Secondary Sector
Tertiary Sector
It is the service industry.
Tertiary Sector
It focuses on manufacturing finished goods.
Secondary Sector
Activities under this sector are entertainment (cinemas, theaters, television, music, etc.), transportation and distribution, insurance, health care, restaurants, and banks.
Tertiary Sector
This sector of the economy extracts/harvests raw materials from our environment.
Primary Sector
Activities under this sector are metal working, smelting, engineering, breweries and bottlers, and constructions.
Secondary Sector
Activities under this sector are agriculture, fishing, farming, mining and hunting.
Primary Sector
True or False: In lifting community quarantine level, the three sectors of production were considered by the IATF.
True
True or False: Before the rise of today’s modern economy, people only produced goods for their friends.
False (family)
True or False: Nowadays, economy demands the different sectors to work together in order to produce, distribute, and exchange products and services.
True
This is the first big economic change that shaped history.
Agricultural Revolution
They learned how to domesticate plants and animals and they learned that it is more productive than hunter-gatherer societies.
Farmers
When was the second major economic revolution happened?
during the Industrial Revolution period
In the late ninetieth (19th) century, they began to form organizations to improve wages and working conditions.
Labor Union
Inspired by the _____ labor unions demand more protections to get minimum wage laws, reasonable working hours and regulations to protect the safety, limbs, and life of the workers.
Marxist principle
How many competing economic models that sprung up around the time of Industrial Revolution, as economic capital became more and more important to the production of goods?
Two (2)
What are the two (2) competing economic models that sprung up around the time of Industrial Revolution, as economic capital became more and more important to the production of goods.
Capitalism and Socialism
It is a system in which all natural resources and means of production are privately owned.
Capitalism
Adam Smith is an?
Economist
If one leaves a capitalist economy alone, consumers will regulate things themselves by selecting goods and services that provide the best value. Economist Adam Smith called this: the “______” of the market.
invisible hand
A law in the Philippines that was enacted in March 2020 granting the President additional authority to combat the COVID-19 pandemic in the Philippines
R.A. 11469: Bayanihan to Heal as One Act
Occurs when prices among different location or related goods follow similar pattern over a long period of time.
Market Integration