Unit 2B - the changing economic world(2. nigeria: a newly-emerging economy) Flashcards
African Union
An organisation of 54 countries, formed to encourage co-operation between African nations.
Balanced economy
An economy where there is an even balance between the employment sectors which form a country’s economy.
CEN-SAD (Community of Sahel-Saharan States)
A trading group of West and Central African countries bordering the Sahara Desert.
Commercial farming
The growing of crops or raising of livestock for profit, often involving vast areas of land
Commonwealth
A voluntary association of 53 independent and equal sovereign states, most being former British colonies.
Deforestation
The cutting down and removal of trees.
Developmental aid
Long-term support given by charities, governments and multi-lateral organisations, which aims to improve quality of life.
ECOWAS (Economic Community of West African States)
A trading group of West African countries.
Emergency aid
Short-term aid that takes the form of food, water, medical supplies and shelter
Gross Domestic Product (GDP)
The total value of goods produced and services provided in a country during one year.
Human Development Index (HDI)
A method of measuring development in which GDP per capita, life expectancy and adult literacy are combined to give an overview.
This combined measure of development uses economic and social indicators to produce an index figure, which allows easier comparison between countries.
Employment structure
The relative proportion of the workforce employed in different sectors of the economy.
International aid
Money, goods and services given by single governments or an organisation like the World Bank or IMF to help the quality of life and economy of another country.
Life expectancy
The average number of years a person is expected to live.
Manufacturing
Making goods by processing raw materials.
Mining
The extraction of raw materials from the ground.
Newly Emerging Economies (NEEs)
Countries that have begun to experience high rates of economic development, usually along with rapid industrialisation.
They differ from LICs in that they no longer rely primarily on agriculture (or the primary sector of their economy as a whole), have made gains in infrastructure and industrial growth, and are experiencing increasing incomes and high levels of investment. E.g. Brazil, Russia, India, China and South Africa (the so-called BRICS countries, the original NEEs).
Oil spills
The accidental leakage of oil from rigs or refineries into the surrounding area, resulting in severe environmental damage and pollution.
OPEC (Organization of Petroleum Exporting Countries)
An organisation that aims to stabilise the price of oil and ensure a regular supply.
Primary products
Unprocessed agricultural products or raw materials extracted from the earth
Primary sector
An employment sector that includes farming, mining and other related activities.
This sector is responsible for the production of raw materials. As a country develops the proportion of its population working in this sector decreases.
Quality of life
How good a person’s life is, as measured by such things as quality of housing and environment, access to education, health care, security and levels of happiness.
Secondary sector
An employment sector that involves manufacturing.
Tertiary sector
An employment sector that is the portion of the economy that includes service industries, such as health care, offices, financial services and retailing.
An example job in this sector is teaching.
Transnational corporation (TNC)
A company that has operations (factories, offices, research and development, shops) in more than one country.
Many TNCs are large and have well‐known brands, such as Royal Dutch Shell (commonly known as Shell) , an oil company that operates in Nigeria.
