Economy Flashcards
How many types of productions are there??
3 types of
What does Primary production do ??
extract raw materials
What does secondary production do ??
Processing raw materials into finished / semifinished products (Manufacturing)
What does Tertiary production do ??
Provide services
What is the definition of GDP??
The total market value of goods and services produced by economic activities
In 1978 What policy did deng Xiaoping introduce??
Reform and Opening Up
What are the 3 highs and 1 low ??
High pollution, high energy consumption and high inputs
Low efficiency
To solve the problem of 3 highs and 1 low what was the solution??What are the names
2 highs and 1 low
High : efficiency
Low: energy consumption, pollution
What was added to the industry ?? What are some examples
High-value was added to the industry like mobile phones and computers
What was the most important Chinese government??
People’s bank of China
What policy was carried out under the people’s republic of China?? Why was it carried out ??What is one example
Monetary policy was carried out in order to regulate the economy for example changing the interest rate
In the monetary policy the government controls the what??
Money supply and interest rate
What does money supply mean??
The amount of bank notes in the whole country
What are the 2 purposes of controlling or regulating the economy?? Explain the each purposes
- Achieving full employment which mean the unemployment rate should be less than 4%
- Maintaining economic growth which means preventing economic bubbles and hyper inflation and maintaining stable economic growth
