4.1.1 Global economies Flashcards
define emerging economies
economies that have increased growth rates but low income per capita (per person)
e.g china/india/brazil
why are emerging economies growing at a faster rate than uk economies?
-cause of the growth of the manufacturing sector
-uk has seen decline in manufacturing sector as manufacturing in emerging economies = lower labour costs + access to raw materials
what country is the largest manufacturing economy + exporter?
China
name factors leading to globalisation
-trade liberalisation (freedom to trade)
-growing influence of multi-national cooperations
-communication + It
-capital liberalisation
-emerging economies
Define globalisation
economic integration of different countries through increasing freedoms
Business impacts of economic growth
-increasing profits (as busi enters new markets)
-decrease cost of production (lower labour costs)
-increased trade opps (demand increases)
-increase in investment
individual impacts of economic growth
-reduced unemployment
-increase average incomes (individs have rising moments)
-access to quality public services
indicators of growth purpose
-to asses economic growth
-business will consider these when deciding which markets to invest in for future expansion
indicators of growth
-GDP per capita (high standard of living)
-literacy (skill)
-Health (clean water/mortality rate)
-HDI (combo of life expectancy, education + income)
what does BRICS stand for?
-Brazil
-Russia
-India
-China
-South Africa
what does BRICS account for?
-42% of the worlds pop
-23% of global GDP
-17% of worlds trade
-26.6% of worlds land area
-13.2% of worlds voting power
developed economies factors
-high income per capita
-high levels of education
-low mortality rates
-low birth rates
emerging economies factors
-moving away from agriculture
-characterized by fast growth
developing economies
-low GDP
-high mortality rates
-fast pop growth
what does MINT stand for?
Mexico
Indonesia
Nigeria
Turkey
