Economic Activity
Production is....
the combined number of goods that result from economic activity
What is the Labour Force?
the combination of people who are paid to work (employed) and those who are able to undertake work (unemployed population)
Neoliberal ideologies are..
total liberalisation of economic systems so that it is totally governed by market forces.
One cause of globalisation is
-advancements in telecommunications
-improvements to means of transport
-the spread of capitalist systems
Distribution AND consumption are ...
distribution - consistent transfer of products to consumers and their sale on the market, or a place where producers and consumers meet.
consumption - the use of goods that result from production
The inactive population is....
those who are neither undertake nor are able to undertake paid work suchas landlords, students, and those who are responsible for domestic duties
Keynesian ideologies are...
DAILY DOUBLE a degree of state intervention in economic activity in order to correct the problems created by capitalism
What is The world bank is
provides technical and financial support to developing countries
The secondary structure of economic activity is ....
activities concerned with transforming the natural resources provided by the primary sector such as industry and construction
What is the Law of Supply and Demand?
The market is governed by the Law of Supply and Demand which is determines what is to be produced on the basis for current demand for goods and services.
What are some environmental problems caused by capitalism?
capitalism promotes unsustainable growth based on constant increase of consumption and production
Name 3 G 20 countries
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union.
The tertiary sector dominates the most ________ countries
developed
The welfare state is ...
when the market and the state decide who to produce it for, how to produce it, and what to produce. The states identify for and provide basic needs for all citizens.
Political problems under the capitalist economic system include :
the owners of major capitalist businesses influence decision making by states and major international organisations. Therefor, at times they limit the democratic role of society.
The world trade organization is
the sole international org that manages regulations governing commerce between countries
The tertiary sector is _____
the economic sector that compromises of activities that provide services. These include transportation, tourism, trade, education, healthcare, etc.
The economic circuit is when
businesses sell goods produced by families and the state, in exchange, they receive an income, which they use to pay salaries to families for their work along with taxes levied by the state.
the fact that free consumption does not function in some cases. If businesses eliminate their competitors and control the market they can set prices for consumers independently of the law of supply and demand. Additionally, businesses use advertisements to influence the demand for goods.
Additionally, capitalism generates periodic crises, when competition reduces businesses' profits they employ less workers. The result of this is a decline in demand for products where businesses begin to fall and unemployment rises.
A multinational is _____
a company that has production establishments in countries other than the one of origin and act within a joint strategy that is decided from the headquarters.