Economic Activity and Energy Flashcards
(33 cards)
Key terms:
What is the cycle of poverty
A self-perpetuating pattern of poverty and deprivation that passes from one generation to the next; it is perpetuated by poor education opportunities and low income
What is de-industrialisation?
The process whereby the importance of manufacturing in the economy declines
What are disposable income
Income that is left after taxes and social security charges have been deducted; income that can be spent or saved as a household or person wishes
What are economic sectors
A major division of the economy based on the type of economic activity. The economics of all countries are made up of three sectors; most HICs have a fourth sector
What is globalisation
A primarily economic process, increasing the integration of national markets for goods and services into a single global economy of market
What is the global shift
The movement of manufacturing from HICs to cheaper production locations in LICs
The movement of manufacturing from HICs to cheaper production locations in LICs
What is a high-tech industry
Economic activities that rely on advanced scientific research and produce new, innovative and technologically advanced products, such as microchips, new medical drugs and new materials
What is industrialisation
The process by which an economy is changed from a primarily agricultural one to based on the manufacturing of goods
What is informal employment
Types of work that are not officially recognised and are taken up by people working for themselves on the streets of LIC cities eg shoe shining, selling stuff on the street
What is outsourcing
A practice used by some companies to obtain goods or services by contract from an outside supplier, rather than providing those goods or services themselves
What is overpopulation
When the population of an area cannot be adequately supported by available resources
What is the primary sector
Economic activities concerned with the working of natural resources - agriculture, fishing, mining, and quarrying
What is the production chain
A sequence of stages in which companies exploit resources, transform them into goods and distribute them to consumers; it is a pathway along which goods travel from producers to consumers
What is the quaternary sector
Economic activities that provide highly skilled services such as collecting and processing information, research & development
What is the secondary sector
Economic activities concerned with making things, such as cars, buildings and electricity
What is sector shift
A change in relatively importance of an economy’s sectors
What is the tertiary sector
Activities that provide a wide range of services and enable goods to be traded
What are transnational companies (TNCs)
A large company operating in several countries and often involved in a variety of economic activities
What is underemployment
A situation in which a person seeking full-time employment can only find part-time jobs
End of key terms
What does primary sector do?
Working with natural resources. Eg agriculture, fishing, mining and quarrying
What does secondary sector do?
Processing things such as food or minerals, making things by manufacturing, assembling or building
What does tertiary sector do?
Providing services. This includes services that are commercial, professional, social, entertainment and personal. Public and private transport is also included in this sector
What does quaternary sector do?
Works with information and communications (ICTs) and research and development (R&D). Universities are an important part of this sector
