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1

Formal employment sector

Sector which encompasses all jobs with normal hours and regular wages.

2

Informal employment sector

The part of economy that is neither taxed nor monitored by the government. The opposite of the formal employment sector.

3

Subsistence farming

When farmers focus on growing enough food to feed themselves and their families.

4

Extensive farming

Is an agricultural production system that uses small inputs of labour, fertilisers and capital, relative to the and area being farmed.

5

Optimum location

The most desirable location.

6

Back offices

Administration and support personnel in a financial service company. They carry out functions like settlements and clearance.

7

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

8

LEDC

Less economically developed country

9

MEDC

More economically developed country

10

GNI or GNP

Gross National Income or Gross National Product

11

Imports

Goods brought from abroad

12

Exports

Goods sold abroad

13

Industrialisation

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.

14

Adult literacy

The number of adults who are literate,able to read and write.

15

Infant mortality

The death of a child Less than one years of age.

16

Trade

The action of buying or selling goods and services.

17

Aid

Help or support in achievement of sanctuary

18

Trade surplus

A trade surplus means that the value of exports is greater than imports

19

Trade deflict

When there are more imports than exports

20

Primary industry

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

21

Secondary industry

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.

22

Quaternary industry

Consists of those industries providing information services such as computering, ICT( information and communication technologies) consulting and R&D

23

Inputs

Raw materials go in

24

Processes

The materials are worked upon and changed

25

Outputs

Manufactured goods come out

26

Multiplier effect

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.

27

Trans national companies (TNCs) also see MNCs

Large companies which have branch plants throughout the world their headquarters are often found in MEDCs

28

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

29

Raw materials

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

30

Sustainable industries

A sustainable industry is one which can last over time by anticipating economic,social and environmental changes or trends