a Flashcards
(15 cards)
Primary sector
is concerned with the extraction of natural resources
Secondary sector
is concerned with transforming the natural resources provided by the primary sector
Tertiary sector
is concerned with providing services
difference between renewable and non
ranewable can be renewed over a short period of time and nonrenewable needs long periods
labour
physical or intellectual effort made by people
production factors
natural resources, capital, technology and labour
labour force
made up of the combination of peolpe who are paid in work(employed), and those who could ddo that work and are available to do that ( unemployed)
inactive population
include people who neither undertake or are available to undertake paid work
natural resources
elements provided by nature that have an economic use
capital
combination of non-natural resources needed for production
labour market
formed by the supply of work from buisnesses, and the demand for work from individuals
capitalist system
ecconomic activity is regulated by the market, governed by the law of supply and demand
socialist system
economic activity is regulated by the state
mixed
market economy withh greater or lesser State economic intervention, welfare state
causes of globalisation
advances in telecomunications, improvement to means of transport and the spread of the capitalist system
