Changing Economic World Flashcards
Affordable Housing
Housing that is built and sold at a discounted price for those eligible and in need such as key workers.
Ageing population
When a countries population is dominated by older age groups and the average age is high.
Aid
Money, goods or services freely given by HIC’s to LIC and NEE’s to support development.
Birth Rate
The number of children born per 1000 people in the population each year.
Brexit
The British exit form the European union in 2020.
Business Park
An area of land occupied by a number of businesses.
Common wealth
A group of mostly former British colonial countries that have strong political and economic ties.
Containerisation
A system of transporting and storing goods globally by using standard sized containers and container ships.
Counter urbanisation
The movement of people out of towns and cities to the surrounding countryside.
Deathrate
The number of people that die per 1000 people in the population per year.
Debt relief
When an HIC cancels the debt owed to it by an LIC as an act of kindness and to support development.
De-industrialisation
The decline of industry within a country or region as a result of exhausted raw materials, loss of markets or overseas competition.
Demographic Transition Model (DTM)
A model that shows how the birth and death rate as well as total population changes in a country overtime.
Dependency Ratio
A ratio of the number of dependents (children and the retired) for every 100 people who work.
Deprivation
When an area lacks the services, amenities and employment to provide the population with their basic needs.
Dereliction
Abandoned buildings and wasteland usually within urban areas.
Development
The economic and social progress and improvement of a country.
ECOWAS
The economic community of west African states - a trading group of countries that includes Nigeria.
Enterprise Zones
An area in which government incentives such as tax concessions are offered to encourage businesses to invest.
European Union
An economic union of 27 European states with free trade, common tariffs, economic policy and currency.
Fairtrade
Trade that means the producer receives a fair price for their product regardless of the world market price.
Free Trade
Trade between countries without tariffs (taxes on imports and exports)
Gentrification
When a rundown area is improved as wealthier people move in and invest in housing and spend money locally.
Ghost Village
A rural village that becomes very quiet during weekdays as people commute away for work.
Globalisation
The process of creating a more connected world, with increases in the global movements of goods and people.
Grey Pound
Money spent in the economy by the elderly population.
Gross national population (GNI) per capita
The total amount of money a country earns divided by the population - shows average income.
Highly Indebted Poor country (HIPC)
A small group of LICs that have borrowed so much money that they cannot pay it off.
Human Development Index (HDI)
A composite measure of development that considers the wealth, health and education of a country.
Industrial development
The growth of manufacturing in a country’s economy leading to a multiplier effect & development.
Inequality
Unequal and/or unjust distribution of resources and opportunities among members of a given society.
Infant Mortality rate
The number of infants who die in their first year per 1000 babies born.
Informal Economy
A mix of economic activities, enterprises, jobs, and workers that are not regulated or protected by the state.
Infrastructure
Refers to the built environment. This includes buildings and transport, as well as electricity, gas, water and sanitation connections.
Intermediate technology
Technology suitable for use in developing countries, typically making use of locally available resources.
Investment
When companies or countries spend money in other countries for economic gain.
Local Enterprise Partnerships
A partnership between local authorities and businesses to create economic growth and create local jobs through investment projects.
Life expectancy
How long the average person is expected to live from birth.
Loan
When a bank or a country lends money and expects it to be repaid in time with added interest.
Malaria
An often deadly tropical disease spread through infected bites from the mosquito.
Microfinance Loans
Very small loans provided to those living in poverty to help support their business.
Migration
Movement of people from one place to another with intentions of settling, permanently or temporarily, at a new location.
Multiplier effect
The snowballing of economic activity as it starts to grow.
Natural increase
A growth in the population when the birth rate is naturally higher than the death rate.
Newly Emerging economy
Countries that have begun to experience high rates of economic development, usually with rapid industrialisation.
Non governmental organisation
A non profit, often charitable, organisation that helps support development within a country.
North - south divide
Economic and cultural differences between southern England and northern England.
Population Pyramid
A type of bar graph that shows the age and sex structure of a population.
Population Structure
How a population is divided into different groupings - most commonly by age.
Poverty
When a person does not have enough material possessions or income to meet their basic needs.
Post Industrial
When a country’s economy moves on from being highly industrial towards a more service dominated economy.
Primary Industry
The sector of the economy that extracts and sells raw materials.
Quality of Life
The level of health, happiness and comfort that an individual or group experience.
Quota
A limit on the number of something - in this instance on the number of goods that can be traded between countries.
Refugee
A refugee is someone who is forced to flee their country because of persecution, war or violence.
Science Park
A collection of scientific and technical knowledge-based businesses located on a single site.
Secondary Industry
The second sector of the economy focused on the manufacturing of products from raw materials.
Tertiary Industry
The third sector of the economy comprised of service based jobs.
Standard of living
Level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class.
Sustainability
Progress that meets the needs of the current population without compromising the ability of the future population to meet their needs.
Tariff
A government tax on imports (or exports)
Trading group
A group of countries with at minimum a free trade agreement but can include further cooperation via economic union.
Youthful Population
When a country’s population is dominated by younger age groups and the average age is young.
