Means organising production so that waste is minimised and costs are the lowest possible
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Card 27
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Fast growing manufacturing sectors. Some are still poor but others, e.g. Mexico, may soon be described as developed
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Refers to all those people of working age who have jobs
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Stimulate the level of economic activity by reducing leakages and increasing injections into the circular flow of money
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Ways of lengthening the maturity stage of the product life cycle
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Reduce production costs for all businesses in the industry
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Adjusts taxation and government expenditure either to stimulate or to cool down the economy. It is controlled by the Bank of England
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Refers to funds invested in other economies
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Groups of countries that trade completely freely with other, with no trade barriers, but each member country retains its own independent trade policies in relation to the rest of the world
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The increasing interdependence of trading economies with increased imports, exports and capital movement
