Podcast
Questions and Answers
What is the primary purpose of an economy?
What is the primary purpose of an economy?
- To create jobs for people
- To satisfy people's needs and wants (correct)
- To generate revenue for the government
- To promote international trade
Which economic sector involves the extraction of raw materials from the Earth?
Which economic sector involves the extraction of raw materials from the Earth?
- Quaternary sector
- Tertiary sector
- Primary sector (correct)
- Secondary sector
What is the main characteristic of the mercantile system under colonialism?
What is the main characteristic of the mercantile system under colonialism?
- Colonies existed for the economic benefit of the mother countries (correct)
- Colonies were encouraged to compete with the mother countries
- Colonies were allowed to trade freely with other countries
- Colonies could operate their own economy independently
What is the purpose of concession companies in the context of colonialism?
What is the purpose of concession companies in the context of colonialism?
What did the concept of land tenure refer to under colonialism?
What did the concept of land tenure refer to under colonialism?
Which of the following best describes the stages of economic development proposed by Walt Rostow?
Which of the following best describes the stages of economic development proposed by Walt Rostow?
Which economic sector involves the transformation of raw materials into finished products?
Which economic sector involves the transformation of raw materials into finished products?
Under colonialism, what was the primary role of concession companies?
Under colonialism, what was the primary role of concession companies?
In the context of economic sectors, what do forestry and fishing have in common?
In the context of economic sectors, what do forestry and fishing have in common?
What was a defining characteristic of the mercantile system during colonial times?
What was a defining characteristic of the mercantile system during colonial times?
How did land tenure change under colonialism?
How did land tenure change under colonialism?
What aspect of the economy does the tertiary sector primarily focus on?
What aspect of the economy does the tertiary sector primarily focus on?
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Study Notes
Economy and Economic Sectors
- An economy refers to the systems and procedures put in place in a country to help people satisfy their needs and wants.
- The economy is divided into three sectors: primary, secondary, and tertiary.
- Primary sector involves collecting or extracting raw materials from the Earth through farming, fishing, mining, and forestry.
- Secondary sector involves turning raw materials into finished products for people to buy, also known as the manufacturing or processing sector.
- Tertiary sector involves providing services to people to make their lives easier or improve their quality of life, also known as the service sector.
Stages of Economic Development
- Stages of economic development were created by Walt Rostow to describe the pattern followed by globalized countries as their economies advance.
Colonialism and Economic Systems
- Colonialism is when one country rules another and develops trade with that country for its own benefit.
- Mercantile system is an economic system of trade in which colonies are considered to exist for the economic benefit of the mother countries.
- In a mercantile system, colonies cannot operate their own economy or trade with other countries, and cannot compete with the mother country.
- Concession companies are created by a country to develop trade in its colonies and often trade in particular products.
- Under colonialism, land became privately owned by concession companies.
Land Tenure
- Land tenure refers to the manner in which land is held.
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