Geograpgy Economic Change Key words

Global Shift

locational movement of manufacturing production in particular from ACs to EDCs and LIDCs from the 1970s onwards

Global Supply Chains

flows of materials, products, information, services and finance in a network of suppliers, manufactures, distributors and customers around the world

Globlalisation

the growing interdependence of people through the spread of ideas around the world

De-industrialisation

absolute or relative decline in the importance of manufacturing in the economy

Global Value Chain

formed when different stages of production are located across different countries

Advanced Counties

countries that share a number of important economic development characteristics, including well-developed financial markets

Emerging and Developing Countries

countries that do not share all the economic development characteristics required to be advanced, not eligable for the Poverty Reduction and Growth Trust

Low-income Developing Countries

countries that are eligable for financial support from the IMF through the Povery Reducation and Growth Trust

Primary Sector

Economics activities that produce food, fuel and raw materials

Secondary Sector

Economic activities involving manufacturing industries

Tertiary Sector

Economic activities providing a service

Quaternary Sector

Economic activities that provide services to other economics activities

Transnational Coroporation

very large company with factories and offices in more that one country, which markets products and services worldwide