p1 Flashcards
Primary Sector:
Involves extraction and production of raw materials.
Activities include agriculture, mining, fishing, and forestry.
Highly dependent on natural resources and weather conditions.
Secondary Sector:
Involves processing and manufacturing of raw materials.
Activities include construction, manufacturing, and energy production.
Transforms raw materials into finished goods.
Tertiary Sector:
Encompasses services and involves the sale of goods and services.
Includes sectors like retail, finance, education, healthcare, and hospitality.
Dominant in developed economies where services are a significant part of the economy.
Quaternary Sector:
Involves information processing and knowledge-based activities.
Activities include research and development, information technology, and innovation.
Critical for the development of high-tech industries.
Part-Time/Full-Time Employment:
Part-Time:
Employees work fewer hours than those considered full-time.
Provides flexibility for workers.
Common in service industries and among students or individuals with multiple commitments.
Full-Time:
Employees work standard or regular hours defined by the employer.
Often includes benefits such as healthcare and retirement plans.
Common in traditional office and manufacturing settings.
Temporary/Permanent Employment:
Temporary:
Employment for a fixed period.
Common in seasonal industries or for specific projects.
Offers flexibility for both employers and employees.
Permanent:
Ongoing, long-term employment.
Provides job security and benefits.
Common in stable industries with continuous operations.
Employed/Self-Employed:
Employed:
Individuals work for an employer or organisation.
Entitled to benefits and protections as per employment laws.
Common in traditional work settings.
Self-Employed:
Individuals work for themselves and are their own bosses.
Responsible for managing their business, taxes, and benefits.
Common among entrepreneurs, freelancers, and small business owners.
Regeneration (or place making):
- Long-term upgrading of existing places or more drastic renewal schemes for urban residential, retail, industrial and commercial areas, as well as rural areas.
- This sometimes includes conservation to preserve a specific identity.
- It is connected with rebranding, which centres on place marketing, where places are given a new or enhanced identity to increase their attractiveness and socioeconomic viability.
- Places needing regeneration may need to either increase economic specialisation or diversify their economic structure.
- Differences in economic activities may be measured by variations in three social characteristics: health, life expectancy and education
Location quotient:
A mappable ratio which helps show specialisation in any data distribution being studied.
A figure equal to or close to 1.00 suggests national and local patterns are similar with no particular specialisation, such as retailing.
LQs over 1 show a concentration of that type of employment locally.
Gross value added:
Measures the contribution to the economy of each individual producer, industry or sector.
It is used in calculating GDP.
Economic activity and social implications
Economic activity…
in places has direct and indirect impacts on the key social factors affecting us all: health, life expectancy and levels of education.
Economic activity may be measured by employment and output data (location quotients (LQ), gross domestic product and gross value added).
Social inequalities
often result from concentrations.
A large, high-LQ industry with a declining LQ over time may be detrimental to a local and national economy, for example the steel industry.
Inequalities in uk:
- Places specialising in modern high-tech industries, insurance and finance will generate new’ money from their ‘exports” and a positive spin off or multiplier effect on other services.
- There are distinctive patterns of certain economic sectors nationally
- A North-South split may be identified in the location of manufacturing and financial services.
- Such concentrations (for example in information and communication, insurance and high-tech industry) may cause congestion, overcrowding and increased house and land prices, as seen in the ‘overheated’ South East of England.
The overheated South:
- The lower relative importance of manufacturing for the economy of the South East means it has been less affected by deindustrialisation and recessions.
- During the economic boom from 1997 to 2007, the region generated 37 per cent of the UK’s growth output.
- Since 2008, the region has increased to 48 percent of growth output, while every other region, apart from Scotland, has experienced relative decline.
- This means that about a quarter of the population generates half of the UK’s economic growth.
Deindustrialisation of the steel industry:
- Nationally, steel employs 30,000 people, often in areas with high unemployment rates. - It supports many other manufacturers in the wider supply chain, including aerospace, defence and construction.
- However, in 2015 Thai-owned SSI at Redcar, Teesside, closed with 2000 redundancies.
- India’s TNC Tata shut Scunthorpe’s steel plant with 4500 redundancies.
- The branches of these TNCs were cut to reduce costs.
- Cheaper Chinese imports, high energy costs, green taxes and the strong pound were all factors.
- An estimated four other jobs will be lost for each steel worker redundancy as whole communities are affected (the negative multiplier effect).
- This demonstrates how original ‘winners’ may become ‘losers’ from external processes.