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Flashcards in People, work and development Deck (34)
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1

Work

Any occupation; paid/unpaid, formal/informal.

2

Employment

Regular trade or profession in return for money.

3

Unemployment

Lack of paid work.

4

Underemployment

Insufficient paid work for individuals during the day or week.

5

Employment opportunities

Jobs that are available for people to apply to.

6

Automation/mechanisation

The replacement of people (workers) by machines and computers.

7

Grants and subsidies

Government giving money to businesses in order to boost economic activity.

8

Tariffs

Custom duty (tax) charged on foreign imports.

9

Quotas

A limit on the number/amount of goods that can be traded. Commonly applied to limit imports of selected items in order to maintain local economy.

10

Labour

The work force of an area.

11

Market

The location of the people whom goods produced are sold.

12

Infrastructure

The built environment (e.g. roads, communication and power supplies) that support the industrial economy.

13

Capital

Wealth created from economic activity. Usually money; but also stocks, shares buildings and machines.

14

Cost

Expense 'incurred' in setting up or running an economic activity. I.e. the initial cost for producing the product or service.

15

Imports/exports

Goods brought into/sent out of a country.

16

Public/private investment

Money that is lent to a development, for later profit by the council/government or private individuals/businesses.

17

Linkages

Connections between different parts in an economy.

18

Rationalism

Process of recognizing and acting to improve economic situation of a business, usually includes cutbacks on workers/services.

19

Employment structure

Classification of jobs: Primary, secondary and tertiary.

20

Primary sector

Industry involved in the extraction/exploitation of natural resources. E.g. mining, farming.

21

Secondary sector

Industry involved in the manufacture/processing of goods from raw materials.

22

Tertiary sector

Industry involved in the sale of processed goods/ provision of services. E.g. shopping, transport...

23

Quaternary sector

Industry involved in the provision of information.

24

Formal work

Properly regulated and taxed work. E.g. Factory employment.

25

Informal work

Work done by people that is not recorded or regulated by the government and is not taxed.

26

Economic activity

Any human activity involving capital (the transaction of money). E.g. farming, factory production.

27

Economic development

The growth of one or many aspects of an area's economy. E.g. new buildings, new technology, new infrastructure...

28

Co-operative

An association of people organised for their mutual benefit in the production and/or marketing of goods and services.

29

Transnational corporation/multinational corporation (TNC/MNC)

A large company with branches or production units in several countries. E.g. Ford, Coca-cola, Apple...

30

Newly industrialized country (NIC)

Countries that are rapidly changing from LEDCs to MEDCs. E.g. the BRIC countries (Brazil, Russia, India, China).