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Flashcards in Society Deck (110)
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1

Frictional unemployment

Temporary unemployment when moving between jobs

2

Seasonal unemployment

Caused by jobs that are only available in certain seasons

3

Structural unemployment

Caused by a lack of skill or experience

4

Technology unemployment

Capital replaces labour, subsequently raising the unemployment rate. Common in capitalism

5

Poorest country in the world

Central African Republic

6

Absolute poverty

A situation where a person lacks the necessities to sustain life to a point where it is life threatening

7

6 types of unemployment

Cyclical, Frictional, Hard-core, Seasonal, Structural, Technological

8

Workforce

Anyone who is willing and able to work

9

Unemployment

When someone is willing and able to work but doesn't have a job

10

What percentage of Burundians live beneath the poverty line?

70%

11

What kind of Economy does Burundi have?

Subsistence

12

How long has there been a drought in Burundi?

3 years

13

Why are Burundian households facing food insecurity?

Declining soil fertility, climate, increasing food prices

14

What did the life expectancy change to between 1993 and 2000?

Declined from 51 to 44

15

What does GDP stand for?

Gross Domestic Product

16

Black market

'Underground' market in which goods and services are traded illegally

17

Economic growth

Increased production of goods and services over a period of time

18

Examples of needs

Warmth, shelter, food, water,

19

What recent event caused high unemployment worldwide?

2008 global financial crisis

20

What caused the 2008 GFC?

Wall Street crashed

21

Income inequality

The uneven distribution of income in an economy

22

What industry are thriving countries mainly involved in?

Tertiary (selling)

23

Productivity

Link between input and output in the production of goods and services

24

Factors affecting productivity

Specialisation, technological, organising resources, incentive, competition, education, effective management, adding capital,

25

Labour productivity

Relationship between output produced and hours worked

26

Capital productivity

Relationship between output produced and amount of capital

27

Benefits of increased productivity

More profitable, cheaper price, less strain on resources, promote economic growth, increase living standards

28

Benefits of technological advances

Increased communication with overseas firms, globalisation, proficiency, efficiency, mobility, access to information, reduce waste, costs,

29

How does land quantity increase?

(Fixed), discovery, imports

30

How does land quality increase?

Improve soil fertility