People, work and development Flashcards
Work
Any occupation; paid/unpaid, formal/informal.
Employment
Regular trade or profession in return for money.
Unemployment
Lack of paid work.
Underemployment
Insufficient paid work for individuals during the day or week.
Employment opportunities
Jobs that are available for people to apply to.
Automation/mechanisation
The replacement of people (workers) by machines and computers.
Grants and subsidies
Government giving money to businesses in order to boost economic activity.
Tariffs
Custom duty (tax) charged on foreign imports.
Quotas
A limit on the number/amount of goods that can be traded. Commonly applied to limit imports of selected items in order to maintain local economy.
Labour
The work force of an area.
Market
The location of the people whom goods produced are sold.
Infrastructure
The built environment (e.g. roads, communication and power supplies) that support the industrial economy.
Capital
Wealth created from economic activity. Usually money; but also stocks, shares buildings and machines.
Cost
Expense ‘incurred’ in setting up or running an economic activity. I.e. the initial cost for producing the product or service.
Imports/exports
Goods brought into/sent out of a country.
Public/private investment
Money that is lent to a development, for later profit by the council/government or private individuals/businesses.
Linkages
Connections between different parts in an economy.
Rationalism
Process of recognizing and acting to improve economic situation of a business, usually includes cutbacks on workers/services.
Employment structure
Classification of jobs: Primary, secondary and tertiary.
Primary sector
Industry involved in the extraction/exploitation of natural resources. E.g. mining, farming.
Secondary sector
Industry involved in the manufacture/processing of goods from raw materials.
Tertiary sector
Industry involved in the sale of processed goods/ provision of services. E.g. shopping, transport…
Quaternary sector
Industry involved in the provision of information.
Formal work
Properly regulated and taxed work. E.g. Factory employment.
Informal work
Work done by people that is not recorded or regulated by the government and is not taxed.
Economic activity
Any human activity involving capital (the transaction of money). E.g. farming, factory production.
Economic development
The growth of one or many aspects of an area’s economy. E.g. new buildings, new technology, new infrastructure…
Co-operative
An association of people organised for their mutual benefit in the production and/or marketing of goods and services.
Transnational corporation/multinational corporation (TNC/MNC)
A large company with branches or production units in several countries. E.g. Ford, Coca-cola, Apple…
Newly industrialized country (NIC)
Countries that are rapidly changing from LEDCs to MEDCs. E.g. the BRIC countries (Brazil, Russia, India, China).
More economically developed country (MEDC)
Countries with high GDP that have become wealthy by developing their economies. E.g. USA, UK…
Less economically developed country (LEDC)
Countries with low GDP that are usually trying to boost living standards by developing their economic resources. E.g. Kenya, Congo…
European Union (EU)
The economic association of a group of European countries to promote common trading, economic and social policies for mutual benefit. I.e. the one everyone is annoyed with at the moment!
Gross domestic profit (GDP)
The total value of a country’s goods and services during one economic year, usually divided by the total population of the country to form GDP per capita.
