Please enable JavaScript.
Coggle requires JavaScript to display documents.
BULGARIAN INDUSTRIES AND ECONOMY - Coggle Diagram
BULGARIAN INDUSTRIES AND ECONOMY
INDUSTRIES
ENERGY
Ranked 97th in the world as an oil producing country
Relies mostly on imported oil and gas
Domestic production of energy includes mostly coal and hydro powered sources, as well as nuclear (Kozloduy)
Slow development of energy conservation practices
Recent steady increase in renewable sources of energy
SERVICE & TOURISM
Tourism during the socialist era focused mainly on development of Black Sea resorts
Ranked 38th in the world for tourism
Increase in the revenue from tourism in the post-socialist era
Bulgarian’s revenue from services has more than doubled since the end of socialism
MANUFACTURING & CONSTRUCTION
Significant during Socialist Era
Major production of biochemicals and computers in Bulgaria in the 1980s
Food & tobacco processing suffered after the loss of the Soviet markets
AGRICULTURE, FOREST & FISHING
Main crops
Corn
Barley
Whear
Main produce exports
Cucumbers
Peppers
Tomatoes
The industry has been decreasing since the end of socialism
Main industrial crops
Sunflowers
Tobacco
Sugar beets
World leader of rose oil export
Significant grow in wine export since the end of socialism
Expansion in fish farming industry in the early 2000s
MINING & MINERALS
Decline since the end of socialism
Less than 5% of Bulgaria's GDP
Common deposits
Manganese ore
Copper ore
Iron ore
Chromium ore
Gold ore
One of the top mining countries in Europe
ECONOMY
COMMAND ECONOMY
Industry owned and managed by the government
Government give little incentive to be efficient and profitable
Price controls
Government owned firms have less incentives to be efficient
Government may provide more equitable distribution of resources
Examples like Soviet Union, China, Cuba
Problems- inefficiency, bureaucratic, shortages, surpluses, less choice, less freedom
FREE MARKET ECONOMY
Firms owned by private sector
Profit motive acts as incentive for owners and managers
Prices determined by supply and demand
Incentive for firms to be efficient and cut costs
Free market likely to lead to income and wealth inequality
Examples like Hong Kong and Singapore, which have limited government intervention
Problems- inequality, market failure, monopoly
BULGARIA COMMAND
Slow economic restructuring, Significant amounts of bank lending, Increased unemployment, Positive growth restored, Strict austerity measures, Growing household consumption, Lowest public debt
BULGARIA FREE MARKET
Industrialized, Free-Market Trade decreased, Significant progress in transportation and tourism, Followed Soviet model, Assisted by internal political stability, Intensified economic hardship towards the end