4.1.1 Flashcards
What does Brics Stand for?
Brazil
Russia
India
China
South Africa
What does Mint stand for?
Mexico
Indonesia
Nigeria
Turkey
What is a mint economy?
These countries are considered to have high potential for growth based on their: Geographic, demographic and economic factors
What is the Bric economy?
A union of emerging economies that are a multilateral forum- Fastest growing states.
What is gross domestic product?
Measures the value of all the goods and services produced within an economy over the space of a year.
What is literacy?
Percentage of the population in a country aged 15 and above who can read and write a short statement in their everyday life.
What is health?
Number of workers who are healthy
What is the Human Development index?
Provides a measure of development based on access to health care and education as well as national income
What is purchasing power parity?
A measure of real growth that uses the price of purchasing a standardised basket of goods and services in order to compare prices across economies
What is the business cycle?
The business cycle is the natural rise and fall of economic growth that occurs over time. The cycle is a useful tool for analysing the economy. It can also help you make later financial decisions.
Effects of a falling economic activity?
Rising unemployment
Falling incomes
falling demand for all goods and services
Fewer goods/services sold
Falling revenue and profits
falling demand for labour
lower investment
more unemployment:
1) Fewer services as shops close
2) Higher social security payments/benefits
3) Lower government tax revenues.
What is a boom?
Where there is a lot of spending in the economy
What is a recession?
When spending in the economy falls
What happens to unemployment when there is a Boom and recession?
Boom- A fall
Recession- A rise
What happens to consumer spending when there is a Boom and recession?
Boom- Rise
Recession- Fall
