4.1 - Globalisation

Question 1

What does BRICS stand for

Answer 1

Brazil, Russia, India, China and South Africa

Question 2

What does MINT stand for

Answer 2

Mexico, Indonesia, Nigeria and Turkey

Question 3

UK growth rate and economy

Answer 3

• main industry that dominates is the service industry
• growth rate for the UK has slowed down over the years

Question 4

Growing economies

Answer 4

• in emerging markets, growth rates have been very rapid. This has lead to higher average incomes and the development of new industries
• increase in incomes leads to greater demand. As markets grow, so does the infrastructure, quality of education and skills of workforce

Question 5

Name 3 Trade opportunities that are created in the growth of emerging economies

Answer 5

• increased FDI (Foreign direct investment)
• opportunities to export to developing economies
• better infrastructure leading to developing countries becoming a production location

Question 6

Describe the employment patterns in growing economies

Answer 6

as economies develop, the rate of unemployment decreases. This can create opportunities for international trade as incomes have grown, leading to greater demand