Economic Concepts Flashcard

Front

What is the primary purpose of calculating GDP in a country?

Back

To assess the economic performance by measuring the total output of goods and services

Front

What is meant by "per capita" in economic terms?

Back

The average amount of resources available to each person in a nation

Front

What is indicated by a high literacy rate in a region?

Back

A large number of people with access to education

Front

What is a common characteristic of economies in less developed countries (LDCs)?

Back

They often face challenges with poverty and unemployment.

Front

Which of the following is a feature commonly found in developed countries like the United States? High levels of poverty, Limited access to technology, Widespread access to quality education, Predominantly rural population

Back

Widespread access to quality education

Front

Which of the following describes a Less Developed Country (LDC)?
A country with a strong economy and high standard of living
A country with a weak economy, fewer resources, and less access to education and healthcare
A country with high literacy rates and long life expectancy
A country that focuses on providing services rather than goods

Back

A country with a weak economy, fewer resources, and less access to education and healthcare

Front

Which sector is most likely dominant in a country with a developing country? Options: Technology sector, Primary sector, Secondary sector, Quaternary sector

Back

Primary sector

Front

Which of the following jobs is part of the tertiary sector of the economy? a software development company, a coal mining operation, a dairy farm

Back

a software development company

Front

Which of the following is an example of a secondary sector activity?
Options:
Software Development,
Car Manufacturing,
Fishing,
Banking

Back

Car Manufacturing

Front

What does the term 'resource extraction' primarily involve?

Back

Harvesting natural resources such as coal, oil, or wood