Growing Economies

Question 1

Name the BRIC Countries and what they are.

Answer 1

Brazil, Russia, India, China. They are superpower countries

Question 2

Name the MINT countries and what they are.

Answer 2

Mexico, Indonesia, Nigeria, Turkey. They are emerging economy countries.

Question 3

What is an emerging economy?

Answer 3

An economy in the process of rapid growth and industrialisation.

Question 4

List some common features of an emerging economy.

Answer 4

• economies making a transition
• rapid industrialisation
• potential of a developed economy
• faster long-term economic growth
• businesses struggle to access global markets

Question 5

List some threats of emerging economies

Answer 5

• political instability
• corruption and bureaucracy
• cultural differences
• uncompetitive due to low cost production
• intellectual property protection

Question 6

List some opportunities of emerging economies

Answer 6

+ growing educated mid class consumers
+ increase demand for infrastructure and services
+ source of high-skilled but low cost labour
+ potential of joint ventures and acquisitions
+ easy outsourcing and offshoring

Question 7

What is multinational businesses?

Answer 7

A business that operates in more than one location, usually in both a developed and emerging economy.

Question 8

List the indicators of economic growth

Answer 8

GDP
GDP per capita
Literacy
Health
Average national Income

Question 9

What is PPP?

Answer 9

Purchasing Power Parity, a way of working out the purchasing power of one country in relation to other countries.