Topic 3 - 3.2 Flashcards
What are the two types of economies/employment?
Formal and informal
What is formal employment? Give an example
Formal employment is work that is regulated, has standards it has to meet, its workers are protected under the law and workers get taxed. Examples include all public sector jobs e.g teacher or Police Office
What is informal employment? Name some examples
Informal employment is employment that is unregulated, untaxed and unprotected under the law. Examples include street stalls and car washing
What are the 4 economic sectors?
Primary, secondary, tertiary and quaternary
What are some examples of jobs in the primary sector?
Jobs like farming, mining, fishing and any other jobs that collect raw materials
What are some examples of jobs in the secondary sector?
Jobs include any manufacturing job or refinery job e.g factory work
What are some examples of jobs in the tertiary sector?
Jobs in the tertiary sector include any jobs that offer a service. E.g emergency services, financial services or retail
What are some examples of jobs in the quaternary sector?
Jobs in the quaternary sector include r&d and I.T services e.g consultancy, scientific research and I.T services
In developed countries, roughly what percentage of jobs are in each sector?
Primary 10%
Secondary 30%
Tertiary 55%
Quaternary 5%
In what type of countries is the formal economy most present, and in which type of countries are informal economies more present and why?
Formal economies are more present in developed countries as workers rights are protected by law, and formal jobs are more attractive.
Informal economies are more present in developing countries as Government there doesn’t have as much stability to make laws. People are often less educated as well, meaning they can’t really do formal jobs
Why are primary sector jobs decreasing so rapidly in developed countries?
Primary sector jobs are declining rapidly in the developed world as more and more raw materials are being imported from cheaper countries, so the demand for British products is less and less
Why are tertiary and quaternary sector jobs increasing in developed countries?
Jobs in these sectors are increasing as the need for them is increasing. As the population increases, more shops are needed to accommodate this increase in people, a tertiary sector. As technology is being used more and more, more consultancy jobs are needed, jobs that are in the quaternary sector.
Give an example of a developing city and how much it earns from its informal economy.
New Dheli earns $3.6 trillion from its informal economies, around 7% of its GDP
Give an example of an emerging city and how much it earns from its informal economy.
Kampala earns $33 million from its informal economy, or around 50% of its GDP
Give an example of a developed city and how much it earns from itsinformal economy.
New York earns $1 trillion from its informal economy, or around 7% of its GDP
