Good point. For those who want to throw nomenclature around the "modern" version is AKM-47 (Russian: Автомат Калашникова Модернизированный; Avtomat Kalashnikova Modernizirovanniy or "Kalashnikov modernized automatic rifle"). Technically AK-47s haven't been manufactured since 1959.
The big difference is the original AKs' receiver was milled from a solid piece of steel. The AKM is stamped metal. Much easier, faster and cheaper to manufacture. It's also much lighter.
I almost bought one many years ago. It was milled. All the full auto parts had been removed except the full auto bolt carrier. The pins supporting those parts were retained to plug the holes in the receiver. A hole was drilled and a pin inserted in the full auto detent to prevent the selector lever from engaging that.
The Type 3 receiver has a long shallow groove machined into both sides to save weight.
The stamped receiver of the AKM can be readily identified by the pressed-in dimples that hold the magazine steady.
Thank you for the helpful information.