What is meant by "the dual economy"? LO4

Name: Problem 6, Chapter 22: Macroeconomics
Uploaded: 2021-06-20T06:52:44-08:00
Duration: 10 min 42 s
Channel: Asma Venkitta
Description: What is meant by "the dual economy"? LO4

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Key Concepts

Dual Economy

The dual economy concept refers to a situation where two distinct economic sectors exist within one country. One sector is usually modern, characterized by technological advancement, higher productivity, industrialized practices, and integration into global markets, while the other is traditional, often based on subsistence agriculture, informal employment, and lower productivity. This division highlights the coexistence of varying levels of economic development within the same nation.

Structural Transformation

Structural transformation is the process by which an economy shifts the allocation of resources, especially labor, from the traditional sector to the modern sector. This transition typically involves the development of manufacturing and services at the expense of primary agrarian activities, leading to increased overall productivity and economic growth.

Labor Market Segmentation

Labor market segmentation in the context of a dual economy refers to the division of the workforce into segments that differ in wages, skills, job security, and working conditions. The modern sector tends to attract more skilled and educated labor with higher wages and better conditions, while the traditional sector is often characterized by lower wages, informal employment, and limited opportunities for advancement.

Transcript

00:01 Double circulation, double circulation, as the name suggests is where the blood circulates, the blood circulates twice in the heart.

00:32 Twice in the heart.

00:39 Double circulation is is possible as possible as the heart is divided into four chambers, the right and left, the right and the left, halves by the atrio -ventricular septum.

01:36 The two circulations are, the two circulations are.

01:47 The first one is pulmonary circulation.

01:52 Pulmonary circulation.

02:03 Let me just define that.

02:11 Blood in the right ventricle blood.

02:15 In the right ventricle is pumped into the pulmonary arteries.

02:30 The pulmonary arteries.

02:40 For oxygenation, these pulmonary arteries, these pulmonary arteries, transport deoxygenated, transport deoxygenated.

03:03 Deoxygenated, deoxygenated, blood to lungs.

03:17 The oxygenated blood, is then sent to the left atrium from the lungs through the lungs through the pulmonary veins.

04:04 This type of circulation of blood is referred to as pulmonary circulation where blood is pumped via where blood is pumped via pulmonary blood vessels, pulmonary blood vessels.

04:53 Let's move on to the second kind of circulation and that is systemic circulation.

05:10 B is systemic circulation.

05:19 So now let's just explain this to...

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