Business Theme 4

Question 1

what is the UK’s growth rate compared to emerging economies

Answer 1

2.8%, mainly has a service sector

Question 2

what does BRICS stand for (emerging economies)

Answer 2

Brazil
russia
india
china
South Africa

Question 3

what does MINT stand for (emerging economies)

Answer 3

Mexico
indonesia
nigeria
turkey

Question 4

implications of economic growth for individuals and businesses x2

Answer 4

trade opportunities - if economy is growing then consumption will be too, good news for firms looking to invest or sell their products or services.
employment patterns - important indicator of the health of the economy

Question 5

indicators of growth x3

Answer 5

GDP per capita - value of all output in the economy divided by pop
Literacy - quality of the employees and consumers - firms will want the most productive employees at lowest possible cost
Health = HDI - life expectancy, mean years of schooling, gross national income per capita

Question 6

what is the division of labour

Answer 6

whereby workers specialise in a productive activity. Specialisation increases the speed and skill with which a task can be done, and also saves time = improvement in efficiency