Globalisation in economic change

• What is the term for the locational movement of manufacturing production from advanced countries to emerging and developing countries?


  Global shift
• What are global supply chains?


  Flows of materials, products, information, services, and finance in a network around the world
• How is globalisation defined?


  As the growing integration and interdependence of people's lives with economic, social, political, and environmental components
• What does de-industrialisation refer to?


  The absolute or relative decline in the importance of manufacturing in an economy
• What is a global value chain?


  It is formed when different stages of production are located across different countries
• What characterizes advanced countries?


  Well-developed financial markets and diversified economic structures
• How are emerging and developing countries defined?


  Countries that do not share all economic development characteristics of advanced countries
• What defines low-income developing countries?

  Countries eligible for financial support from the IMF through the Poverty Reduction and Growth Trust
• What activities are included in the primary sector?


  Economic activities that produce food, fuel, and raw materials
• What does the secondary sector involve?


  Manufacturing industries, including processing raw materials and assembling components
• What is the focus of the tertiary sector?


  Providing services such as education, health, and finance
• What does the quaternary sector provide?


  Services to other economic activities, such as finance and research
• What is a transnational corporation?


  A very large company with factories and offices in more than one country
• What are the key components of globalisation?


  • Economic integration
  • Social (cultural) interdependence
  • Political connections
  • Environmental considerations
• What are the differences between the primary, secondary, tertiary, and quaternary sectors?

  • Primary: Produces raw materials (e.g., agriculture, mining)
  • Secondary: Involves manufacturing (e.g., processing, assembling)
  • Tertiary: Provides services (e.g., education, healthcare)
  • Quaternary: Offers specialized services (e.g., finance, R&D)