3a Flashcards
What has caused the shift of manufacturing from ACs to EDCs?
Cheaper labour and resources
ACs refer to Advanced Countries like the UK and USA, while EDCs refer to Emerging and Developing Countries like China and India.
What is the impact of the shift in manufacturing on industrial hubs?
Created new industrial hubs while deindustrialising others
What has replaced traditional industries in Advanced Countries?
Service-based economies
What are the consequences of the decline of traditional industries in ACs?
Regional economic disparities and the need for regeneration projects
What are the three stages of the Clark Fisher Model?
- Pre-industrial: Primary sector dominant
- Industrial: Growth in manufacturing
- Post-industrial: Service sector dominates
What has deindustrialisation led to in Advanced Countries?
Job losses in manufacturing, particularly in northern cities
Why have skills not easily transferred to services in ACs?
Leading to inequalities and urban decline
What positive effects did manufacturing growth have in EDCs and LIDCs?
Increased incomes and living standards
What negative consequences arose from manufacturing growth in EDCs and LIDCs?
Urbanisation and slum growth
What issue did rural-urban migration create in EDCs?
Infrastructure and housing shortages
What characterizes a boom in economic cycles?
High GDP, job growth, rising wages, better public services
What characterizes a recession in economic cycles?
Economic decline, unemployment, business closures, increased inequality
How do taxes contribute to addressing social inequality?
Redistribute wealth through progressive taxation
What are examples of subsidies aimed at reducing inequality?
- Free school meals
- Bus passes for pensioners
What laws help to combat social inequality?
- Minimum wage
- Equality Act
How does education reduce long-term inequality?
By improving skills and employability
How has globalisation influenced economic change?
By shifting industries and jobs worldwide
What are the four economic and employment structures?
- Primary: Extraction of raw materials
- Secondary: Manufacturing
- Tertiary: Services
- Quaternary: Knowledge-based
What role do TNCs play in the global economy?
Influence trade, investment, and employment
What is the role of nation states in the economy?
Regulate economic activity and infrastructure development
