4.1 Flashcards
BRICS
Economies are considered to be: Brazil, Russia, India, China and South Africa
Economic Growth
An increase in the GDP - value of output of goods and services produced in an economy over time
Economy
An area/country where goods and services are produced, sold and bought
Emerging economy
The economies of developing countries where there is rapid growth, but also significant risk
Employment patterns
A key indicator of growth looking at unemployment rates, trends, labour costs and productivity as well as education qualifications and potential employees
GDP
Gross Domestic Product. Measures the output of goods and services in an economy over a period of time
HDI
A composite index focusing on three basic measures of human development: Life expectancy at birth, mean years of schooling and expected years of schooling and standard of living, measured by gross national income per capita
Health
A key indicator of the level of development and may include, life expectancy at birth, mortality, pollution exposure and clean access to water
Literacy
A key indicator of growth. The literacy rate looks at the percentage of adults that can read and write
MINTS
Economies are considered to be Mexico, Indonesia, Nigeria and Turkey
Exports
Goods or services that a firm produces in its home market, but sells in a foreign market
FDI
Foreign Direct Investment, when a business invests by setting up operations or buying assets in businesses in another country
Imports
Goods and service that are bought into one country from another
Specialisation
When an economy or a business concentrate on a specific range of products or services
FDI
When a business with head office in one country, sets up factories, offices etc in another country
Globalisation
A process by which economies and cultures have been drawn deeper
together and have become more interconnected through networks of trade and the rapid spread of technology
International trade barriers
A regulation or policy that restricts international trade, for example: tariffs, quotas, customs duties, rules and regulations
Migration
The movement of people from one country to another to seek employment or a better life
Structural change
Where some businesses grow while others will shrink or close down e.g. those in primary, secondary and tertiary sectors
Trade liberalisation
The reduction, and sometimes removal, of trade barriers between countries
Transnational companies
Companies that own or control production or service facilities outside the country in which they are based
Domestic subsidies
Financial support given to a domestic producer to help compete with overseas firms
Import quotas
A physical limit on the quantity of imports allowed into a country
Protectionism
Policies used by a government to protect domestic businesses by
making foreign owned products less attractive. Examples include tariffs, quotas, subsidies and regulation
