The Economy Flashcards
What is production?
The process of taking raw materials and transforming them into useful goods and services
What is a template?
A pattern for a product
What is the primary sector?
Extraction of natural resources from the earth (or sea)
e.g. crops, minerals, fishing, forestry
What is the secondary sector?
Production of products from raw materials
What does manufacture mean?
To make goods, usually using machines
What is the tertiary sector?
Providing services (rather than goods)
What is labour?
The physical and mental effort that people provide to produce goods and services
What is capital?
The man-made objects that are used in the production process - mainly machines
What are the two kinds of outputs of production processes?
Goods and services
Does anybody find EMS very repetitive?
Doh!
What is a renewable resource?
A natural resource that is replaced by some biological or natural process
What is a non-renewable resource?
One that can’t be replaced
What is sustainability?
Using resources in such a way that we do not deplete them
What does deplete mean?
Keep using something until there’s nothing left
Is your enjoyment of EMS sustainable?
Mêh!
Give some examples of renewable resources
Water Oxygen Timber Fruit and Vegetables Meat from animals
Give some examples of non-renewable resources
fossil fuels - coal, oil
minerals - copper
What are strategies for sustainability?
Reuse resources - instead of throwing away
Reduce resource usage - eg use wind power instead of coal power
Recycle - e.g. water
What is economic growth?
An increase in the level of economic output over time
List strategies to stimulate economic growth?
Promoting entrepreneurship and new small businesses
Encouraging the expansion of existing businesses
Improving productivity of businesses
Improving production techniques
Better management of resources
Improving business management
Encouraging overseas investment in South Africa
What are the consequences of economic growth?
More goods and services -> variety
Rising employment levels -> reduced poverty
Increased levels of income
Improved standard of living
Do the poor always benefit from economic growth?
No. Sometimes the rich just get richer
Who benefits from economic growth in SA?
The Guptas
What is productivity?
How efficiently resources are used to generate products and services
What is morale?
Confidence and enthusiasm?
How high is your morale at the end of Grade 7?
Eish
What are some strategies to improve productivity?
Improve motivation and morale of workers
Involve employees in decision making
Make more economical use of resources - reduce, reuse, recycle
Improve level of skill and expertise of workers
Use newer technology
Use incentives to reward productive workers
Use leadership and management to monitor and control actions of employees
List some factors that have a negative effect on productivity of labour.
Ill health Poor motivation Absenteeism Strikes and industrial action The Guptas
How does the government attempt to increase labour productivity?
Arresting parasitic Guptas
Ensure workers are educated and well trained
Take steps to improve health of workers
Take steps to ensure that workers are motivated
Make laws to compel employees to go to work except when they are sick (Really?)
How does the government seek to increase the productivity of natural resources?
Arresting parasitic Guptas
Educating people about sustainability
Passing laws which prevent exploitation
Encourage people to use natural resources responsibly
