Unit 4 Flashcards
- Unit 4 Economic Activity and Energy
What is an economy?
The economy is like a market where goods, services and knowledge are exchanged
Economic activities create jobs, generate income, produce something, or involve sale/consumption.
What are the four sectors of the economy?
- Primary
- Secondary
- Tertiary
- Quaternary
What does the primary sector involve?
The extraction of raw materials to be supplied to other industries
Examples include agriculture, forestry, fishing, and mining.
What is the secondary sector responsible for?
The processing, manufacturing, or assembling of raw materials into finished goods
Examples include food processing, manufacturing, car assembling, and construction.
Define the tertiary sector.
The provision of goods and services for the public
Examples include healthcare, retail, cinemas, schools, banks, and legal services.
What does the quaternary sector entail?
People or industries who provide specialist information and expertise to all the above sectors
Examples include research and development, design engineering, and financial management.
How is economic growth measured?
Usually measured in gross domestic product (GDP)
What are the classifications of levels of development based on GDP per capita?
- Developing – less than $10,000 USD
- Emerging – $10,000 to $30,000 USD
- Developed – more than $30,000 USD
What is employment?
The state of having a paid job or engaging in productive work
What factors can cause employment patterns to vary across regions?
- Difference in industries
- Labour availability
- Technology
- Demands for goods & services
Name a cause of employment change over time.
- Increasing mechanisation
- Rural-urban migration
- Technological advancements
- Globalisation
What is increasing mechanisation?
Mechanisation in agriculture leads to a decrease in farming-related jobs
Examples include tractors, harvesters, and automatic irrigation systems.
What is rural-urban migration?
People from rural areas move to urban areas to find job opportunities in the secondary/tertiary sectors
This leads to increasing urbanisation.
How do technological advancements affect employment?
Creates more diverse opportunities for economic activities/incomes
Higher levels of education lead to more jobs in the tertiary sector.
What is globalisation in terms of employment?
Manufacturing is shifted to places with the cheapest labour
It creates employment opportunities for skilled workers globally.
True or False: Economic growth is the only measure of how well a country and its people are doing.
False
State an economic activity in the secondary sector.
Food processing
Fill in the blank: The _______ sector involves the provision of goods and services for the public.
tertiary
Explain a reason for changes in employment over time.
Increasing mechanisation leads to a decrease in farming-related jobs.
What are the locational factors affecting economic activities?
Physical factors and human factors
Physical factors include raw materials, land, energy, and climate. Human factors include capital, transport, communications, market, labour, and government policies.
What are the physical factors that affect the location of economic activities?
Raw materials, land, energy, climate
These factors determine the suitability of a location for specific economic activities.
What are the human factors that affect the location of economic activities?
Capital, transport, communications, market, labour, government policies
These factors influence the operational and logistical aspects of economic activities.
What is a key location factor for most economic activities?
Accessibility
Accessibility determines how easily businesses and services can reach their customers and resources.
What is the Central Business District (CBD)?
The commercial and economic hub of a city
The CBD typically has a concentration of transport networks, infrastructure, and administrative services.