Economics Flashcards
Agglomeration
Economic activities that are similar or rely on each other cluster together for convenience.
Agriculture
Farming: the use of land to grow crops and to rear animals.
Beneficiation
An industry or business that may supple equipment, resources or services to another industry or business, thus supporting them.
Communal farming
Food production on land that is owned by the group living there; often the land is controlled by the local chief.
Co-operative farming
A system in which farmers pool their resources for cooperation in a certain area, such as purchase of seeds, fertilisers or services such as transport.
Cumulative causation
When a region has an industrial advantage such as a port or a raw material, other industries will follow.
Economic recession
A period of temporary reduction in business.
Economically active
That part of the population that is either working or looking for work.
Famine
This is the absence of food security and may by recognised by the presence of hunger, starvation, malnutrition and the worry of possible food shortages.
Food insecurity
Food insecurity exists when NOT all people, at all times, have physical and economic access to sufficient, safe and nutritious food to meet their dietary needs and food preferences for an active and healthy life.
Food security
Food security exists when all people, at all times, have physical and economic access to sufficient, safe and nutritious food to meet their dietary needs and food preferences for an active and healthy life.
Formal economic activity
Work in a registered firm, factory or farm; regulated (and taxed employment).
Forward linkage
The interconnection of an industry to other industries to which it sells its outputs (which are then used as inputs by these industries).
Genetically modified (GM) seeds
Seeds that are hybridised or have gene modifications to ensure resistance to disease or climatic conditions.
Gross Domestic Product (GDP)
The total value of goods and services produced in a country in one year.
Gross Geographic Product (GGP)
Each province contributes to the country’s GDP. The provincial contribution is referred to as the gross geographic product (GGP).
Hinterland
The area beyond a seaport which supplies most of its exports and which uses goods imported through or made in that seaport.
Homelands
The ten regions within South African designated by the apartheid government to be the home ‘country’ of every black Pearson, according to their ethnic identity.
Informal sector
The informal sector in the economy is the diversified set of economic activities, enterprises, jobs, and workers that are not regulated or protected by the state. The concept originally applied to self-employment in small and unregistered enterprises.
Link industry
An industry that either supplies materials or equipment to another industry or which depends on another industry for materials or equipment for its own processes.
Manufacturing
The conversion of raw materials into fabricated products, and the assembly of items.
Mass production
The making of large quantities of identical articles by standard mechanised processes.
Monoculture
The cultivation of one main crop extensively, such as maize or sugar cane.
Multiplier effect
Additional economic development (as in factories, services, employment and wealth) in response to a new or expanding development. (e.g. a mine or factory).
Nationalisation
When the government takes over the ownership and operations of the mines.
Open cast mining
Type of mining which does not use shafts or tunnels. Mining takes place at the surface. The layer above the mineral seam is removed and the exposed deposits is extracted using earth-moving machinery.
Pastoral farming
The raising of animals such as cattle, sheep and goats.
Permaculture
Sustainable agriculture.
Primary sector
The extraction of raw materials.
Quarrying
A form of surface mining for rock or stone which is used in building or road making.
Quaternary sector
Involves intellectual activities like research and information technology. This sector includes data processing and the dissemination of of information.
Quinary sector
Some consider there to be a branch of the quaternary sector called the quinary sector, which includes the highest levels of decision making in a society or economy. This sector would include the top executives or officials in fields such as government, science, universities, non-profit organisations, healthcare, culture and the media.
Ranching
The large-scale rearing of cattle on extensive farms.
Reserves
Minerals known to exist but not yet mined.
Ro-ro
Roll on-Roll off – a ship that exports vehicles. The vehicles roll onto the ship and then roll off at their final destination.
Secondary sector
The processing of raw materials to produce manufactured products.
Tertiary sector
This sector involves the selling of products and provision of services.
Ubiquitous industry
Industries that are located over the entire geographic area.
Value-added products
When a basic resource or material has been made into a product for sale. (e.g. fruit juices and jam are processed from the fruit picked).
