People, Work And Development - Terminology (1) Flashcards
Employment
Regular trade or profession in return for momey
Work
Any occupation
Paid/unpaid
Formal/informal
Underemployment
Insufficient paid work got an individual during the day or week
Unemployed
Lack of paid work
Employment opportunities
Jobs that people, often employment, can apply for
Automation/mechanism
The replacement if people (workers) by machines and computers
Grants/subsidies
Government grants (capital) to encourage economic activity
Tariffs
Customs duty (tax) charged on foreign imports
Quotas
A limit in the amount of goods that an be traded.
Commonly applied to limit imports of selected items
Labour
The work force of an area
Market
The location of the people to whom goods produced are sold
Infrastructure
The built environment (roads, power supplies etc) that support the industry economy
Capital
Wealth created from economic activity usually money but also stocks, shares, buildings and machines
Costs
Expense incurred in setting up or running an economic activity
Imports/exports
Goods brought into and sent out of one country to and from another
Public/private investment
Money that is out into a development for later profits from council or government/private individuals or businesses
Linkages
Connections between different components in an economic system
Rationalism
Process of recognition in an industry to achieve greater efficiency
Usually involves cut back if workers
Employment structure
Classification of jobs: primary, secondary and tertiary
Primary sector
Industry involved in the extraction of natural materials
Fishing, farming, forestry and mining
Secondary sector
Industry involved in the manufacturer of goods from raw materials
Tertiary sector
Industry involved in the sale if the manufactured goods of provision of services
(shopping, transport)
Quaternary sector
Industry involved in the provision of information
Formal work
Properly regulated work
factory employment
Informal work
Work done by people that is not recorded it regulated by the government and is not controlled or taxed.
Economic activity
Any human activity involving capital (the payment of money eg. Farming, factory production)
Economic development
The growth if one or more aspects of an area’s economy (eg. Agriculture, industry, commerce)
Co-operative
An association of people organised for their mutual benefits in the production and/or marketing if goods and services
Transitional corporation/multinational company
TMC/MNC
A large company with branched or production units in several countries
(Ford and coca cola)
Newly industrialised country (NIC)
Countries that ate rapidly changing from LEDCs to MEDCs
South Korea and Taiwan
More economically developed countries (MEDCs)
Countries with high GNP that have become wealthy by developing farming, industry and services
Less economically developed countries (LEDCs)
Countries with a low GNP that are usually trying to boost living standards by developing their economic resources
European Union (EU)
The economic organisation of a group of European countries to promote common trading, economic and social policies got mutual benefit
Gross nation product (GNP)
The total value if a country’s goods and services during one year, usually divided by the number of the population (per capita)
Case studies for this topic (5-6)
Aid in Mali Cambridge science park Ghana and its trade Nokia, a MNC Regional regeneration of South Wales (London docklands)
