Economic World Flashcards
Birth Rate
Number of births in a year per 1000 of the total population
Commonwealth
Voluntary association of 53 independent and equal sovereign states; mostly territories of the former British Empire, united not by lega obligation but through language, culture, history and shared values
Death Rate
Number of deaths in a year per 1000 of the total population
De-industrialisation
The decline of a country’s traditional manufacturing sector
DTM (Demographic Transition Model)
A model which shows how populations change over time, in terms of birth rate, death rate and total population
Development
The progress of a country in terms of economic growth, human welfare and the use of technology
Development Gap
The difference in standards of living and wellbeing between HICs and LICs
European Union
International Organisation of 28 European countries (used to include the UK) to reduce trade barriers and increase cooperation between its members
Fairtrade
When producers in LICs are given a better price for the goods they produce, to improve income and reduce exploitation
Globalisation
The process of creating a more connected world, involving increased movement of goods (trade) and people (migration/tourism) globally
GNI (Gross National Income)
A measurement of economic activity, which is calculated by dividing the total national income by the size of the population
HDI (Human Development Index)
A measure of development, which takes into consideration GDP per capita, life expectancy and adult literacy
industrial Structure
The relative proportion of the workforce employed in different economic sectors (primary, secondary, tertiary, quaternary)
Infant Mortality
The average number of deaths of infants (<1 year old) per 1000 live births per year
Information Technologies
Computer, mobile phone, internet and satellite technologies, that speed up communication and the flow of information
Intermediate Technology
Simply, easily learned and maintained technology used to increase development in LICs
International Aid
Money, goods and services given to lower income countries to help the quality of life and economy, through multilateral institutions such as the World Bank
Life Expectancy
Average number of years a person might be expected to live
Literacy Rate
The percentage of people who have basic reading and writing skills
Microfinance Loans
Small loans given to people in LICs to help them start small, local businesses
North-South Divide
Economic and cultural differences between northern and southern parts of England
Post-industrial Economy
The economy of many developed countries where most employment is in service industries
Science Parks
High-tech industries established, often near universities, where scientific and commercial development can be made in co-operation with the university
Business Parks
Purpose built areas of offices and warehouses, often at the edge of a city or a main road
Trade
The buying and selling of goods and services between countries
TNC (Transnational Corporation)
A company that has operations in more than one country. Many TNCs are large and have well-known brands
Primary Sector
The sector of an economy making direct use of natural resources, such as agriculture, fishing, mining and oil/gas extraction