Emerging Economies Flashcards
Economy
The way in which goods and services are made, sold and used in a country or area
Development
A process that created additions, growth, progress and positive changr
Innovation
An introduction of something new such as an idea, process or product
Consumerism
Companies sell as much as possible by promoting or appealing to the interests of the customer
LDC
Less developed country
MDC
More developed country
Import
To receive goods and services from another country
Export
Goods and services a country trades suits another country
Fast fashion
A business model of replicating recent catwalk trends and high fashion designs, mass producing them at a low price and then sending them to retail stores while they are still in high demand
Life expectancy
The measure of the average remaining years at a given age
What is k-pop and the hallyu wave
Kpop is a genre of music that is innovated when it approaches cd sales and marketing
The hallyu wave is an innovation made by the South Korean government as a strategy to use soft power to spread Korean culture
Why is kpop innovative
- lots of different post cards have different kpop stars. This can promote people to buy more the collect their favorite stars
- albums contain “gifts” such as tickets. People will buy more to increase the chance of getting a ticket
- multiple different album covers can encourage fans to buy more to collect them
What is RMG
RMG is the ready made garment industry. It is bangledeshs number 1 business in the country- 80% of exports
Benefits of RMG
Power house of the economy
More than 4.2 million workers in 2020
Single biggest exporter earner in bangledesh- 83% total export earnings
Negative of RMG
Rana plaza disaster - left 1134 people dead. This was due to unsafe work conditions
