People, work and development

Question 1

Work

Answer 1

Any occupation; paid/unpaid, formal/informal.

Question 2

Employment

Answer 2

Regular trade or profession in return for money.

Question 3

Unemployment

Answer 3

Lack of paid work.

Question 4

Underemployment

Answer 4

Insufficient paid work for individuals during the day or week.

Question 5

Employment opportunities

Answer 5

Jobs that are available for people to apply to.

Question 6

Automation/mechanisation

Answer 6

The replacement of people (workers) by machines and computers.

Question 7

Grants and subsidies

Answer 7

Government giving money to businesses in order to boost economic activity.

Question 8

Tariffs

Answer 8

Custom duty (tax) charged on foreign imports.

Question 9

Quotas

Answer 9

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.

Question 10

Labour

Answer 10

The work force of an area.

Question 11

Market

Answer 11

The location of the people whom goods produced are sold.

Question 12

Infrastructure

Answer 12

The built environment (e.g. roads, communication and power supplies) that support the industrial economy.

Question 13

Capital

Answer 13

Wealth created from economic activity. Usually money; but also stocks, shares buildings and machines.

Question 14

Cost

Answer 14

Expense ‘incurred’ in setting up or running an economic activity. I.e. the initial cost for producing the product or service.

Question 15

Imports/exports

Answer 15

Goods brought into/sent out of a country.

Question 16

Public/private investment

Answer 16

Money that is lent to a development, for later profit by the council/government or private individuals/businesses.

Question 17

Linkages

Answer 17

Connections between different parts in an economy.

Question 18

Rationalism

Answer 18

Process of recognizing and acting to improve economic situation of a business, usually includes cutbacks on workers/services.

Question 19

Employment structure

Answer 19

Classification of jobs: Primary, secondary and tertiary.

Question 20

Primary sector

Answer 20

Industry involved in the extraction/exploitation of natural resources. E.g. mining, farming.

Question 21

Secondary sector

Answer 21

Industry involved in the manufacture/processing of goods from raw materials.

Question 22

Tertiary sector

Answer 22

Industry involved in the sale of processed goods/ provision of services. E.g. shopping, transport…

Question 23

Quaternary sector

Answer 23

Industry involved in the provision of information.

Question 24

Formal work

Answer 24

Properly regulated and taxed work. E.g. Factory employment.

Question 25

Informal work

Answer 25

Work done by people that is not recorded or regulated by the government and is not taxed.

Question 26

Economic activity

Answer 26

Any human activity involving capital (the transaction of money). E.g. farming, factory production.

Question 27

Economic development

Answer 27

The growth of one or many aspects of an area’s economy. E.g. new buildings, new technology, new infrastructure…

Question 28

Co-operative

Answer 28

An association of people organised for their mutual benefit in the production and/or marketing of goods and services.

Question 29

Transnational corporation/multinational corporation (TNC/MNC)

Answer 29

A large company with branches or production units in several countries. E.g. Ford, Coca-cola, Apple…

Question 30

Newly industrialized country (NIC)

Answer 30

Countries that are rapidly changing from LEDCs to MEDCs. E.g. the BRIC countries (Brazil, Russia, India, China).

Question 31

More economically developed country (MEDC)

Answer 31

Countries with high GDP that have become wealthy by developing their economies. E.g. USA, UK…

Question 32

Less economically developed country (LEDC)

Answer 32

Countries with low GDP that are usually trying to boost living standards by developing their economic resources. E.g. Kenya, Congo…

Question 33

European Union (EU)

Answer 33

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!

Question 34

Gross domestic profit (GDP)

Answer 34

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.