4.1.1 - Growing Economies Flashcards
1
Q
What is an economic superpower
A
- Superpowers are countries, or groupings of countries, with global influence and power.
- They have economic, cultural and geopolitical influence. Superpowers shift over time, as some powers decline and others emerge.
2
Q
What are the BRIC countries
A
- The BRICs are Brazil, Russia, India and China.
3
Q
What are mint economies
A
The term was coined by economist Jim O’Neill, who has now identified the “Mint”
countries - Mexico, Indonesia, Nigeria and Turkey - as emerging economic giants
4
Q
What is an economy
A
- An economy is the state of a country or region in terms of the production and consumption of goods and services and the supply of money
- Economy is the large set of inter-related production and consumption activities that help in deciding how scarce resources are allocated.
5
Q
What changes occur when there is economic growth
A
- Growing economies start to see changes in employment patterns; working women, migration, the rise of the multi job, home working and the search for a better work-life balance.
6
Q
What does economic growth mean for business
A
- All these new growing and
emerging economies have increasing incomes of their citizens - This means opportunities to increase revenue and profit for MNCs by moving into new markets
- Increased incomes combined with low labour costs and proximity to market make these growing economies very attractive
7
Q
What are the indicators of growth
A
- Gross Domestic Product (GDP) per capita
- literacy
- health
- Human Development Index (HDI)
8
Q
What is GDP
A
- GDP stands for Gross Domestic Product
- The GDP figure for a country shows the sum total of everything they produce as a nation
- Look at the GDP figures and compare to the UK, it may be also be helpful to have a world map so you can compare the size of countries
9
Q
What is HDI
A
- This is a statistic which combines; life expectancy, education and income which are used to rank countries into four tiers of human development
