Flash Cards Quiz#2
What is an emerging economy
Developing nation that has increasing power and influence in the global market
What is a developing country
High levels of poverty and focus more on the primary sector, they have poor infrastructure
What is a Developed country
Low levels of poverty, tartiary sector, good levels of infrastructure, better education
What are the BRIC economies ?
Brazil, Russia, India, China,Soth Africa
What are the MINT economies ?
Mexica indonesia Nigeria turkey
What are indicators for growth?
GDP, Literacy, health and HDI
What is an import?
Goods or services are sold abroad
What is importing?
When you purchase a products from another country
What is specialisation?
It’s the process of concentrating on and becoming experts in a particular subject or skill.
What are the 4 key resources that are scarce?
Land capital enterprise and labour
What are the downsides to specialisation?
Lack of education Occupational immobility Structural unemployment Regional deprivation Over specialisation
What is a benefit of economic growth?
Potential for more sales, which therefore means income increases.
What are the benefits of specialisation?
Higher quality
Economies of scale
What is the FDI?
The FDI is the foreign direct investment and there are 4 of them which are: M+A Strategic allegiance Joint venture Building greenfield sites
What is globalisation?
Is the process by which the world is becoming increasingly interconnected as a result of the massively increased trade and cultural exchange.
What are trade blocs?
Trade blocs are areas where country’s can going such as the EU which encourages free trade.
What are trade barriers?
Things that are implemented to make it harder for countries or firms to trade, this can include things like tariffs.
What are push factors?
Factors which may force a business to consider selling abroad.
What are pull factors ?
Factors which may force firms to sell abroad.
What is the 4 outsourcing s?
Production
Payroll
Purchasing
Delivery
