The changing economic world 💰

Question 1

Birth rate

Answer 1

The number of births in a year per 1000 of the total population.

Question 2

Death rate

Answer 2

The number of deaths in a year per 1000 of the total population.

Question 3

Commonwealth

Answer 3

The Commonwealth is a voluntary association of 53 independent and equal
sovereign states, which were mostly territories of the former British Empire. It is
home to 2.2 billion citizens. Member states have no legal obligation to one
another. Instead, they are united by language, history, culture, and their shared
values of democracy, human rights, and the rule of law.

Question 4

De-industrialisation

Answer 4

The decline of a country’s traditional manufacturing industry due to exhaustion
of raw materials, loss of markets and competition from NEEs.

Question 5

Demographic Transition Model

Answer 5

A model showing how populations should change over time in terms of their
birth rates, death rates and total population size.

Question 6

Development

Answer 6

The progress of a country in terms of economic growth, the use of technology
and human welfare

Question 7

Development gap

Answer 7

The difference in standards of living and wellbeing between the world’s richest
and poorest countries (between HICs and LICs).

Question 8

European Union

Answer 8

An international organisation of 28 European countries, including the UK, formed
to reduce trade barriers and increase cooperation among its members.
Seventeen of these countries also share the same type of money: the euro. A
person who is a citizen of a European Union country can live and work in any of
the other 27 member countries without needing a work permit or visa.

Question 9

Fairtrade

Answer 9

When producers in LICs are given a better price for the goods they produce.
Often this is from farm products like cocoa, coffee or cotton. The better price
improves income and reduces exploitation.

Question 10

Globalisation

Answer 10

The process which has created a more connected world, with increases in the
movements of goods (trade) and people (migration and tourism) worldwide.

Question 11

Gross national income (GNI)

Answer 11

A measurement of economic activity that is calculated by dividing the gross
(total) national income by the size of the population. GNI takes into account not
just the value of goods and services, but also the income earned from
investments overseas.

Question 12

Human Development Index (HDI)

Answer 12

A method of measuring development in which GDP per capita, life expectancy
and adult literacy are combined to give an overview. This combined measure of
development uses economic and social indicators to produce an index figure that
allows comparison between countries.

Question 13

Industrial structure

Answer 13

The relative proportion of the workforce employed in different sectors of the
economy (primary, secondary, tertiary and quaternary).

Question 14

Infant mortality

Answer 14

The average number of deaths of infants under 1 year of age, per 1000 live
births, per year.

Question 15

Information technologies

Answer 15

Computer, internet, mobile phone and satellite technologies – especially those
that speed up communication and the flow of information.

Question 16

Intermediate technology

Answer 16

The simple, easily learned and maintained technology used in a range of
economic activities serving local needs in LICs.

Question 17

International aid

Answer 17

Money, goods and services given by the government of one country or a
multilateral institution such as the World Bank or International Monetary Fund
to help the quality of life and economy of another country.

Question 18

Life expectancy

Answer 18

The average number of years a person might be expected to live.

Question 19

Literacy rate

Answer 19

The percentage of people who have basic reading and writing skills.

Question 20

North-south divide (UK)

Answer 20

Economic and cultural differences between Southern England (the South-East,
Greater London, the South-West and parts of the East) and Northern England
(the North-East, West and Yorkshire and the Humber). There are clear
differences in health conditions, house prices, earnings, and political influence.

Question 21

Microfinance loans

Answer 21

Very small loans which are given to people in the LICs to help them start a small
business.

Question 22

Post-industrial economy

Answer 22

The economy of many economically developed countries where most
employment is now in service industries.

Question 23

Science and business parks

Answer 23

Business Parks are purpose built areas of offices and warehouses, often at the
edge of a city and on a main road. Science parks are often located near
university sites, and high-tech industries are established. Scientific research and
commercial development may be carried out in co-operation with the university.

Question 24

Service industries (tertiary industries)

Answer 24

The economic activities that provide various services - commercial (shops and
banks), professional (solicitors and dentists), social (schools and hospitals),
entertainment (restaurants and cinemas) and personal (hairdressers and fitness
trainers).

Question 25

Trade

Answer 25

The buying and selling of goods and services between countries.

Question 26

Transnational Corporation (TNC)

Answer 26

A company that has operations (factories, offices, research and development,
shops) in more than one country. Many TNCs are large and have well‐known
brands.