4.1

Question 1

what is gross domestic product

Answer 1

total value of goods produced and services provided in a country within a given period of time

Question 2

UK growth tends to be lower than emerging economies

Answer 2

• growth of the manufacturing sector
• businesses choose to manufacture in emerging economies due to lower labour costs and access to raw materials

Question 3

what is globalisation

Answer 3

economic integration of different countries through increasing freedoms in the cross-border movement of people, goods, technology & finance

Question 4

Emerging economic powers of countries within Asia, Africa and other parts of the world include

Answer 4

BRICS: Brazil, Russia, India, China and South Africa

MINT: Mexico, Indonesia, Nigeria and Turkey

Question 5

the implications of economic growth
Impacts on Businesses

Answer 5

• Reduced costs as firms benefit from lower labour costs and cheaper raw materials
• Increased trade opportunities as demand for goods and services increases

Question 6

the implications of economic growth
Impacts on Individuals

Answer 6

• Reduced unemployment as there is more demand, which requires more labour to increase output
• Increased average incomes as individuals due to employment, which increases the standard of living
• Access to quality public services as tax revenue is generated. The government improves public services

Question 7

There are four key indicators used to assess the economic growth of emerging economies

Answer 7

• literacy
• health
• GDP per capita
• Human Development index - HDI

Question 8

What is GDP per capita

Answer 8

is calculated by taking the total output (GDP) of a country and dividing it by the number of people in that country