globalisation Flashcards
what is the primary sector
involves production of raw materials and include agriculture, mining and fishing
what is the secondary sector
involves manufacturing and the production of tangible goods
what is the tertiary sector
involves services and other knowledge based industries
what is a developed economy
they have high income per capita, high level of literacy, and life expectancy and have a large service sector
what is a devleoping country
they have low incomes weak education they have cheap labour. mainly manufacturing industry
what is an emerging economy
they have rising levels of income and increase life expectancy and literacy rates and are becoming less dependant on their manufacturing sector
what is the growth rate of the UK
the UK is a mature economy with slow growth they have an average of 2-2.5% growth each year
what are the BRIC countries
Brazil Russia India China south africa
why are the BRIC countries group together
they are recently emerged economies. they all had similar size and speed of growth
what are the MINT economies
Mexico
Indonisia
Nigeria
Turkey
why are the MINT economies grouped together
they are emerging economies
they have growing financial systems and they have controlled inflation and growing population
what is GDP
gross domestic product. it measures the value of all the goods and services made in one country
what are the drawbacks of using GDP
doesnt show inequality
doesnt show cost of living in that country
doesnt represent the hidden economy - such as drug sales
what is literacy rate
percentage of people over the age of 15 that can read and write a short statement
what is HDI. what is it made up off
Human development index - made up of life expectancty, mean years of schooling and GNI - gross national income
