The Old And New Economy Flashcards
What is the primary sector?
Extracting raw material
What is the secondary sector?
Manufactoring to produce products
What is the teritiary sector?
Services
What is the quaternary sector?
Technology/ research jobs
What is deindustrialisation?
decline of a country’s traditional manufactoring industry due to running out out of raw material
What is the ‘old economy’?
The decline in the primary and secondary industry
What is the new economy in urban areas?
Refers to the growth of highly skilled tertiary and quaternary industries also known as the ‘knowledge economy’
What is the name of this diagram and what does it show?
The Clarke Fisher Model - it shows how each sector changes at different levels of development
What happend in Dinnington?
- Colliery (coal mine) - mainly based on primary sector employment
- Colliery closed down
- Now a large business park which created 1700 service jobs
- Most companies there are tertiary e.g. home delivery, sales
- Shift from primary to tertiary
What do people in Dinnington do now?
- Most now commute to larger towns like Sheffield
- Many are on low wages + skilled workers
- This therefore reduces the potential for economic growth
What is the new economy in rural areas?
Growth of tertiary employment
What is Canary Wharf the capital of Europe of?
Banking and investment
What other advantages does Canary Wharf offer?
- Cross rail/ Elizabeth Line
- Cinemas
- Shops
What has happend to property prices there?
They have increased by 40%
What is the knowledge economy?
Higher paid, higher skilled, finance, banking, it, higher educated
