People, work & development

Question 1

Work

Answer 1

Any occupation, paid/unpaid, formal or informal

Question 2

Employment

Answer 2

Regular trade or profession, in exchange for money

Question 3

Unemployment

Answer 3

Lack of paid work

Question 4

Underemployment

Answer 4

Insufficient paid work for an individual during a day or week

Question 5

Employment opportunities

Answer 5

Jobs that people, often employment, can apply for

Question 6

Automation/mechanisation

Answer 6

The replacement of people (workers) by computers/machines

Question 7

Grants/subsidies

Answer 7

Government capital to encourage economic activity

Question 8

Tariffs

Answer 8

Custom duty (tax) charged on foreign imports

Question 9

Quotas

Answer 9

A limit n the number of goods that can be traded. Often applied to the number of imports of a certain good.

Question 10

Labour

Answer 10

The work force of an area

Question 11

Market

Answer 11

The location of the people to whom goods produced are sold

Question 12

Infrastructure

Answer 12

the built environment (e.g. roads, 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

Costs

Answer 14

expense ‘incurred’ in setting up or running an economic activity

Question 15

Imports/exports

Answer 15

goods brought into/sent out of one country from/to another

Question 16

Public/private investment

Answer 16

money that is out into a development, for later profits, from council or government/private individuals or businesses

Question 17

Linkages

Answer 17

connections between different components in an economic system

Question 18

Rationalism

Answer 18

process of recognition, in an industry, to achieve greater efficiency, usually involving cutbacks of workers.

Question 19

Employment structure

Answer 19

classification of jobs:primary, secondary, tertiary

Question 20

Primary sector

Answer 20

industry involved in the extraction/exploitation of natural resources (eg.mining, fishing)

Question 21

Secondary sector

Answer 21

industry involved in the manufacture of goods from raw materials

Question 22

Tertiary sector

Answer 22

industry involved in the sale of the manufactured goods or provision if services (eg,. Shopping, transport)

Question 23

Quaternary sector

Answer 23

industry involved in the provision of information

Question 24

Formal work

Answer 24

properly regulated work (eg. Factory employment)

Question 25

Informal work

Answer 25

work done by people that is not recorded or regulated by the government and is not controlled or taxed

Question 26

Economic activity

Answer 26

any human activity involving capital (the payment of money, eg. Farming, factory production)

Question 27

Economic development

Answer 27

the growth of one or aspects of an area’s economy (e.g. agriculture, Industry, commerce)

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

Transitional corporation/ multinational company (TMC/MNC)

Answer 29

a large company with branches or production units in several countries (eg. Ford, coca cola)

Question 30

Newly industrialised country (NIC)

Answer 30

countries that are rapidly changing from LEDCs to MEDCs (eg. South Korea, Taiwan)

Question 31

More economically developed countries

Answer 31

countries with high GNP that have become wealthy by developing flaming, industry and serivices

Question 32

Less economically developed countries (LEDCs)

Answer 32

countries with a low GNP that are usually trying to boost living standards by developing their economic resources

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

Question 34

Gross national product (GDP)

Answer 34

the total value of a country’s goods and services during one year, usually divided by the number of the population (per capita)

Question 35

Footloose industry

Answer 35

An industry that doesn’t require a specific location to work in (eg. IT)