ECONOMY OF BANGLADESH

Chapter Six

Session 01: Basic

Economic Concepts

Grade 8
Prepared by Sharmen Shahria Ferdush
Economics is a social science concerned with the production, distribution, and
consumption of goods and services.
It studies how individuals, businesses, governments, and nations make choices about how
to allocate resources.

• What to Produce?
• How to Produce?
• Whom to Produce For?

• Goods and services that are useful, scarce, and transferable/marketable.

• Command a price because they are scarce.

Intangible objects that can be sold.

• A capital good is any good used to help increase future production.

• Consumer goods are those used by consumers and have no future productive use.

Divide labor according to their skill and expertise so that individual workers do fewer tasks
than before. And they do tasks more efficiently.

A condition that exists when there are not enough goods or services available to meet the
wants and needs of consumers

The total amount of services and goods that are produced within a country’s
territory within a specific financial year.
The gross national product or GNP is the combined value of all the goods and services
which are produced by the country’s residents within a particular financial/fiscal year.

Per capita It measures the average income earned per person in a given
area in a specified year.
Per capita income for a nation is calculated by dividing the country's national income
by its population.
The per capita income of Bangladesh was calculated at $2,765 in 2022-23 FY.

Primary (Agriculture and related sector): When we form a good by exploiting natural
resources, it is considered as the primary sector.
Secondary (Industrial sector): The secondary sector takes raw materials from the
primary sector and manufactures them into goods.
Tertiary (Service sector): This sector provides goods and services to businesses and
consumers.