Flashcards in Terms Deck (42)
Formal employment sector
Sector which encompasses all jobs with normal hours and regular wages.
Informal employment sector
The part of economy that is neither taxed nor monitored by the government. The opposite of the formal employment sector.
When farmers focus on growing enough food to feed themselves and their families.
Is an agricultural production system that uses small inputs of labour, fertilisers and capital, relative to the and area being farmed.
The most desirable location.
Administration and support personnel in a financial service company. They carry out functions like settlements and clearance.
Human development index (HDI)
A2 developed by the United Nations to measure and rank countries levels of social and economic development based on four criteria: life expectancy at birth mean years of schooling, expected years of schooling and gross national income per capita
Less economically developed country
More economically developed country
GNI or GNP
Gross National Income or Gross National Product
Goods brought from abroad
Goods sold abroad
The process in which a society or country transforms itself form a primarily agricultural society into one based on the manufactory of goods and services.
The number of adults who are literate,able to read and write.
The death of a child Less than one years of age.
The action of buying or selling goods and services.
Help or support in achievement of sanctuary
A trade surplus means that the value of exports is greater than imports
When there are more imports than exports
And industry involved in the extraction and collection of natural resources such as copper and timber. This includes activities such as farming and fishing. A company in a primary industry can also be involved in turning natural resources into products
The industrial sector of an economy that is dominated by the manufacture of finished products. A secondary industry makes products that are more likely to be consumed by individuals.
Consists of those industries providing information services such as computering, ICT( information and communication technologies) consulting and R&D
Raw materials go in
The materials are worked upon and changed
Manufactured goods come out
If more jobs are created people who take them have money to spend in the shops. This means that more shopworkers are needed. The shopworkers pay their taxes and spend manufacturing money creating yet more jobs in industries such as drivers, transport and education.
Trans national companies (TNCs) also see MNCs
Large companies which have branch plants throughout the world their headquarters are often found in MEDCs
Newly industrialised countries (NICs)
LEDC which are developing manufacturing industry is usually with the help of transnational companies attracted by cheap labour and Government incentives e.g. South Korea and Hong Kong
Basic substances in its natural model of modified or semiprocessed state used as an input to the production process for subsequent modification or transformation into a finished good