Level 4
Level 5

Unit 5.5


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Poverty line
A level of income below which a person would not be able to afford many of the goods and services seen as being essentials of a decent standard of living
Welfare state
The system of state benefits and free Government services paid for through taxation. Its aim is to reduce inequality between different groups of people in the UK.
Absolute poverty
Where a person cannot afford the basics of life such as food, shelter and clothes
Universal benefits
Payments made by the government to people that are paid regardless of one's income
Means tested benefits
Payments made by the Government to people which are determined by the amount of income or savings a person has.
Relative poverty
Where a person has a standard of living below the average for that country
Poverty cycle
Where living in poverty makes it difficult for you to escape poverty in the long run
International trade
The exchange of goods and services between countries
Free trade
The exchange of goods and services between countries where there are no restrictions such as tariffs, quotas or other barriers
Tariff
A tax imposed on imports
Quota
A physical limit on the number of imports
Non-tariff barriers
Any barriers excluding tariffs that are designed to restrict trade and limit imports into a country
Protectionism
The process of erecting barriers to trade such as tariffs and quotas to restrict imports
Single European market
Where all restrictions to trade including tariffs and quotas have been abolished between member countries of the EU.
Multinational Corporation (MNC)
A company that is based in one country but manufactures and sells products in a variety of other countries
International debt
A sum of money which is owed by the Government of an LEDC to richer developed nations or organisations such as the World Bank
World Bank
An organisation that provides loans to LEDCs
Debt relief
The reduction or cancellation of debt that LEDCs owe to either the World Bank or developed nations
Charities
Organisations that aim to produce a surplus of income over expenses to promote a good cause
Non-Government Organisation (NGO)
Independent non-profit organisations that aim to achieve a particular objective e.g. debt cancellation
World Trade Organisation
An organisation that sims to promote international free trade
Fairtrade
An NGO which aims to improve living standards in LEDCs by paying higher prices for agricultural produce
Ethically responsible
Where firms act with a moral sense of responsibility towards their stakeholders