4.1.1 Growing Economies

Question 1

Growth rate of UK economy compared to emerging economies

Answer 1

-UK’s growth rate tends to be lower than emerging economies .
-Often choose to manufacture in emerging countries due to lower labour costs and access to raw materials

Question 2

Emerging economy

Answer 2

-Country with increasing growth rates but relatively low income per capita

Question 3

Implications of economic growth for businesses

Answer 3

1.New export opportunities
-Incomes rising means can discover new markets to export into

2.Offshoring productions
-Moving business function to another country

3.Increased domestic competition

Question 4

Implications of economic growth for individuals

Answer 4

Changes in employment patterns impact:
-Rural to urban migration
-Increased need for managers, expanding in middle class
-Increasing skill levels within the economy

Question 5

Indicators of growth

Answer 5

1. GDP per capita- measure of tot. output of countries economy

2.Literacy- literate workforce=more productive, better performed tasks thus add more value to production

3.Health-easier if life expectancy gives clue of health of nation

4.Human development index- single measure of economic development including income, education and health to determine quality of development of citizens within country

Question 6

BRICS economies

Answer 6

-Brazil
-Russia
-India
-China
-South Africa