Flashcards in Component 1 Topic 3 Deck (11):
What are the two different types of employment?
The two different types of employment are formal and informal
What is formal employment?
Formal employment is officially recognised by the government meaning workers are protected by the laws of the country. There are rules about how many hours people can work, the age of workers, and health and safety. Found in developing countries like new york, usa and london, uk.
What is informal employment?
Informal employment is unofficial and isn't recognised by the government. In this employment sector jobs aren't taxed or regulated by the government and people often work long hours in dangerous conditions for little pay. Usually found in developing countries like kampala, uganda.
What are the four different economic sectors?
The for different economic sectors are primary, secondary, tertiary and quaternary.
What is the primary sector?
The primary sector involves collecting raw materials, such as, fishing, mining and farming. You usually find these jobs in a developing country.
What is the secondary sector?
The secondary sector involves turning the raw materials into a product (manufacturing). For example, making textiles, furniture, steel and cars.
What is the tertiary sector?
The tertiary sector involves providing a service such as, nursing, retail and transport drivers. You usually find jobs like these in a developed country.
What is the quaternary sector?
The quaternary sector is the information economy. This includes consultancy and research and development, where scientists research and develop new products.
Why are most tertiary sector jobs in developed countries?
Tertiary sector jobs are in developed countries because there is a skilled and educated workforce in these countries and there is a high demand of workers in services e.g. Banks and shops
Why can a large informal economy be harmful for a country?
Money coming through the informal economy cannot be taxed therefore the government cannot re-invest money into infrastructure and industry.