The Changing Economy of the UK Flashcards
Biotechnology
Industry that applies science to global problems e.g. Pharmaceuticals, research into treating diseases
Automated factories
Factories where the majority of work is done by machines, or robots instead of people.
Brownfield sites
A piece of land which has been used, and abandoned, and is awaiting redevelopment.
Cycle of decline
Model to explain how an area can go into decline in several areas due to a loss of an industry/business.
Cycle of poverty
Model to explain how an area can be trapped in poverty.
Deindustrilisation
Long term, and absolute decline of secondary industry (manufacturing).
Digital economy
Jobs that are based on digital technology, such as IT, software etc.
Diversification
Creating varied industries, and economic activities so that if one fails, it won’t affect the others.
Domino effect
Model to explain how when one industry collapses, it will lead to the collapse of other businesses that rely on it. Often used to help explain the effects of deindustrialisation.
Freelancing
Work that involves taking on a single job without any commitment to further work once it’s finished.
Green employment
Employment that is in the ‘environmental’ sector e.g. Installing solar panels, designing sustainable buildings.
Greenfield site
A piece of land that has not been built on before.
Household income
Total income earned by everyone in a household, after paying tax.
Infrastructure
Essential services such as electricity, water, roads etc.
Knowledge economy
Economy based on knowledge, and mental skills.