Development is the improvement in quality of life.

Occurs in low income country when local food supply improve, electricity grid extend
outward and level of literacy improve (social , psychological, physical, economic). GNP (gross national product) is total value of final good and
service produced by a nations economy during specific period of time plus income from foreign investment minus income earned by overseas
resident. GDP (domestic) is total monetary/market value of all finished good and service produced within a country border in specific time
period. GNI (gross national income). PPP (purchasing power parity) takes into account cost of living to compare PPP of currency. GNP tells
nothing about wealth distribution, how government invest money. INDICATOR OF DEVELOPMENT : literacy, life expectancy (help target those
in need, quality of life (influence are disease, environment condition, human condition, lifestyle) ), infant mortality (health). OTHERS : school
enrolment, doctor per 100k, food intake, energy consumption, percentage with access to water, percentage living in urban area, motor vehicle
per 1000, internet penetration rate. HDI (human development index) is to measure disparities between countries 4 indicator are life
expectancy at birth, mean year of schooling for 25 Y.O, expected years of schooling for children, GNI per capita (PPP). Converted to index, max
value is 1, combined and averaged to give HDI. 4 groups, very high h.d, high h.d, medium, h.d, low h.d. LDC ( least developed countries) are
poor and have problems due to geographical handicap. NIC (newly industrialised countries) have undergone rapid and successful
industrialisation since 1960 (before is developing). Tiger economy grows rapidly. Reason is good infrastructure, skilled low cost workforce,
government welcome foreign district investment (FDI) from transnational corporation, geographical location, bank loan. Development cause :
physical – landlocked country develop slower, small island disadvantage, tropical country, allocation of natural resource, disaster. Economic
policy – open economy grow faster, high saving low spending, good government and law. Demography – progress through demography
transition low birth high growth. Gini coefficient show extent of income inequality (comparison between country, analysis of change in income
inequality in country) defined as ratio from 0-1 low value is equal high is in equal). Cumulative causation explain regional disparities (inequality
within country) 3 stages are pre industrial minimal regional difference), period of rapid economic growth (increasing regional economic
divergence), regional economic convergence where wealth generated in affluent part spreads. Movement from stage 1 to 2 is by market force,
cost of doing business in core may be high that investment happen in periphery, government regional development policy, investments. Factor
affecting inequality in country : Residence (regional difference, urban/rural disparities (urban attract investment, better infrastructure), intra
urban contrast (low, middle, high income area) ). Urbanisation of poverty is poverty moving from rural to urban. Ethnicity anf employment,
education, land ownership (tenure). Formal sector is knoen to government dept responsible for tax, usually had better pay, great security,
fringe benefit (include established retail company). Informal is opposite (dhoe shiner).primary sector – raw material secondary sector
manufacture primary material to finish product tertiary sector provide service to business or peole (architect teacher driver). Quaternary uses
high tech provide information eand expertise research and development is important part. Product chain is used to show correlation. Post
industrialized people employed in tertiary, mechanisation cause change of job sector and movement to urban. Developed country has high
quaternary worker how advanced economy is. Dependent on primary is primary product dependent. In NIC employ at manufacturing.
Globalisation is the increasing interconnectedness and interdependence economically culturally politically so f.o.p flow freely. TNC
(transnational company) is a firm that own or control productive operation in more than one country through foreign direct investment. TNC
and nation state are 2 main element in economy. Tnc is bulk of investment causing global shift, manufacture relocate from developed to
developing due to cheap labour. Spread of global consumer culture and mass media is beneficial for TNC. Role of technology is reduce
geographical barrier, transport system (means stuffs are transferred from place to place), communication system (info transfer so idea spread
fast), internet (allow to manage complex operation and contacting customer), robots. New international division of labour (NIDL) divide
production into different skill and task that are spread across no. Of country. Factors responsible for economic globalisation are increasing
complexity of international trade flow as NIDL develop, major advance in trade liberation (incentive to trade), emergence of free market
government, emergence of NIC increase, capitalist system, opening up of economy, deregulation of world financial market (more competition
in finance service). Impact of globalisation (global scale), changing world economic order, development of hierarchy of global city,
international movement of worker (migration), global movement of commodities (greater choice of international goods), uniformity of
landscape, environmental degradation, cultural diffusion (spreading of cultural trait due to migration, rapid spread of news, growth of global
brand, internet, transport), mass tourism, global civil society. Global city is one that is judged to be a nodal point in global economic system
where financial and decision making happen.