4.1 globalisation pt 1 Flashcards
growth rate of the UK economy compared to emerging economies
the UK currently have a strong and growing service sector, and the worlds emerging economies produce most of the manufactured goods that are globally consumed
what is an emerging economy/market?
an economy/market where there is rapid growth but a lot of risk. they are more likely to grow more quickly than more mature markets
what are the BRICS countries?
Brazil
Russia
India
China
South Africa
what are the MINT countries?
Mexico
Indonesia
Nigeria
Turkey
how is China emerging?
China: have dominance of global manufacturing, excellent infrastructure allowing cost effective growth. they also have access to lower labour costs in Myanmar and and the Philippines.
consumers in China and other Asian countries are also spending a lot more each year
how is Central, South America and Africa emerging?
- they are creating big international companies that increasingly are challenging the dominance of firms from the developed regions.
what are the implications of economic growth for individuals and businesses?
trade opportunities and employment patterns
what are trade opportunities?
with consumers having more disposable income, there is an increase in demand due to more spend on goods and services, which would give more opportunities for trade
what are employment patterns?
a firm might want information on unemployment rates and trends, labour costs and productivity, these things would give the business an idea of the rough amount that consumers have to spend, so if there is high unemployment, a business might not want to export there as they would have less disposable income to spend on goods and services
what are some indicators of growth of a country?
- GDP per capita
- literacy rates
- health
- Human Development Index (HDI)
what is GDP per capita?
a measure of economic activity, including all goods and services produced in a year divided by the number of people in the country
what are literacy rates?
the percentage of adults in a country that can write and read
why are literacy rates important when making business decisions?
it is one of the key indicators on the development of a country. it is useful when a business is deciding to hire employees, as they would want productive employees
why is health an important factor when making decisions?
a key indicator of the level of development of an economy. it would include factors like :
- infant and maternal mortality
- access to clean water
- life expectancy from birth
these are important factors to consider as good healthcare can improve HDI
what is HDI?
combines statistics on life expectancy, education (mean years of schooling) , and average income for a country
