4.1.1 Growing economies Flashcards
1
Q
What services is the UK particularly good at?
3
A
- Fashion design
- Architecture
- Culture (entertainment)
2
Q
What is offshoring?
1
A
- Moving business function to another country, to lower costs
3
Q
What happens to jobs as an economy grows?
2
A
- Initial stages = employed in agriculture move to manufacturing jobs
- Job shift = manufacturing processes add more value than primary sector jobs, stimulating growth
4
Q
What are the effects of change in employment patterns?
3
A
- Rural to urban migration
- ^Need for managers, expanding the middle class
- ^Skill lvls in economy
5
Q
What does GDP per capita (per person) mean?
2
A
- GDP is a measure of total output of countries economy
- Total output of countries economy / population = adjusts for countries w much ^population
6
Q
What is GDP Purchasing Power Parity (PPP)?
1
A
- GDP that is adjusted to factor in differences in cost of living
7
Q
How are literacy rates an indicator of economic growth?
3
A
- Literate workforce = more productive
- Capable of tasks that add value to production
- ^economic development
8
Q
How is health an indicator of economic growth?
3
A
- Should improve
- Life expectancy = health of nation
- Healthier living, ^treatment of later life disease
9
Q
What is HDI?
1
A
- Measure of eco development inc income, education, health
10
Q
What happens in the latter stage of economic development?
1
A
- ^Demand for services
