UK economy * Flashcards
Which three factors caused economic change in the UK?
globalisation
government policies
deindustrialisation
What is globalisation?
the way in which the world has become more interconnected
What has globalisation led to?
an increase in world trade, foreign investment and communication between different countries and the sharing of ideas
What is the commonwealth?
an association comprising the UK, its dependencies, and many former British colonies
What has happened to the manufacturing industry?
dramatically decreased
from about 55% to about 9%
How do government policies manage the UK economy?
through the treasury - each year a budget is produced, which sets things such as minimum wage, spending on public services and levels of tax
How does encouraging foreign investment from large transnational companies like Nissan help?
- employs 7000 people - brings jobs and money to the area which supports many other UK businesses
- also encourages other countries to locate here
How did privatised companies make money for the government?
they were owned by the government and then sold to individuals or other companies
What happened when markets were deregulated?
the government became less involved in running things and some companies had to find better ways to make a profit
What was the impact of lots of factories and coal pits being closed?
lots of UK jobs lost and they began to go overseas
Which sector grew the most after the manufacturing sector declined?
the service sector
What is deindustrialisation?
the decline of the manufacturing industry
What is a post industrial economy?
where manufacturing industry declines to be replaced by growth in the service sector and the development of a quaternary sector
this happened in the service sector
There was a decrease in secondary sector jobs, meaning more …… jobs were created?
tertiary and quaternary
Which industries have developed and grown in the post-industrial economy?
IT, finance, research
What are science and business parks?
special places for company offices
they are often found on the edge of cities like Cambridge, where there is good accessibility
also located near universities to develop an educated work force
How have roads been developed?
resurfacing and building new roads
smart motorways