The range of benefits and costs created by economic activity that aren't fully accounted for in the price-and-market system of economics and need to be accounted for separately. EG pollution is a negative externality
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Global shift
The movement of first manufacturing and then later services from MEDC countries to NICs and LEDCs. The global shift has led to social, political and environmental issues in both sets of countries.
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Deindustrialisation
The decline of manufacturing industry in terms of output or employment
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Post-industrial economy
Replacing traditional manufacturing or mining employment by an employment structure based on services and technology (tertiary and quaternary sectors)
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Purchasing Power Parity
A measure of average wealth that takes into account the cost of living in a country. In low-income countries, the cost of living is often less, which means that wages might go further than expected
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Quaternary sector
sector of a countries employment structure that includes research, information management and financial management.
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Ecological footprint
A measurement of the area of land or water required to provide a person or society with the energy, food, and resources that they consume and the waste that they produce
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Food miles
The distance that food travels from a farm to a consumer
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Ethical purchase
A purchase where the consumer has considered the social and environmental costs of production
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Other cards in this set
Card 2
Front
The movement of first manufacturing and then later services from MEDC countries to NICs and LEDCs. The global shift has led to social, political and environmental issues in both sets of countries.
Back
Global shift
Card 3
Front
The decline of manufacturing industry in terms of output or employment
Back
Card 4
Front
Replacing traditional manufacturing or mining employment by an employment structure based on services and technology (tertiary and quaternary sectors)
Back
Card 5
Front
A measure of average wealth that takes into account the cost of living in a country. In low-income countries, the cost of living is often less, which means that wages might go further than expected
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