Lesson 54 Flashcards
Manufacturing industry
Making things
Heavy industry
Industry that uses large machines to produce either materials such as steel or large goods such as ships and trains . Opp. Light industry
Service industry
Serving people, e.g. tourusm, banking
High- technology industry
Involving computers industry. Opp. Low-technology industry
Cutting-edge technology
Involving new and innovative technology
Conventional technology
Using standard proven technology
Nationalization / state ownership
When industry is owned by the government. Opp. Privatization
Public-private partnership
Partly state-owned, partly owned by private industries or businesses
Subsidy
Money/grants which enable it to stay in profit
Inward investment
Investment from foreign companies
piecework
Work for which the amount of pay depends on the number of things finished rather than the time spent making them
Child labor
The employment of children to do adult jobs
Trade union representation
A union that negotiates wages and conditions for the people it represents
Sweatshops
Factories where people work very long hours for low wages
Retraining and reskilling
Training people for new jobs and teaching them new skills