Growing economies

Question 1

Multinational

Answer 1

Two or more countries

Question 2

Growth rate

Answer 2

Measured by annual change in GDP

Question 3

Emerging economy

Answer 3

Economies that have increasing growth rates and income but haven’t reached full potential.

Question 4

What does Uk growth tend to be?

Answer 4

Lower than emerging economies.

Question 5

What sector is in decline in the Uk?

Answer 5

The manufacturing sector

Question 6

Why is the Uk’s manufacturing sector declining in comparison to emerging economies?

Answer 6

Higher labour costs
Less access to raw materials

Question 7

Who’s the world’s largest manufacturing economy?

Answer 7

China

Question 8

Globalisation

Answer 8

Economic integration of different countries through border’s movement of people, goods, technology and finance.

Question 9

What has happened because of globalisation?

Answer 9

Impacted national cultures
Spread ideas
Sped up industrialisation

Question 10

Industrialisation

Answer 10

A rise in manufacturing

Question 11

What countries are in BRICS?

Answer 11

Brazil
India
China
South Africa

Question 12

What countries are in MINT?

Answer 12

Mexico
Indonesia
Nigeria
Turkey

Question 13

Advantages of moving into a growing economy

Answer 13

Growing middle class who are more willing to spend more on domestic and imported goods.
Less competition
Less regulation

Question 14

Impact of economic growth on businesses

Answer 14

Potential for increased profits
Reduced costs of production
Increased trade opportunity

Question 15

Why is there Potential for increased profits ?

Answer 15

As a business enters a new market and gains more customers.

Question 16

Why is there reduced costs of production?

Answer 16

As businesses can benefit from lower labour costs and cheaper raw materials.

Question 17

Why is there increased trade opportunity?

Answer 17

Demand for goods and services increase.

Question 18

Impact of economic growth on individuals

Answer 18

Reduced unemployment
Increased average income
Access to quality public services

Question 19

Why is there reduced unemployment?

Answer 19

More demand which requires more labour.

Question 20

Why is there an increasing average income?

Answer 20

Individuals have rising incomes due to employment.

Question 21

Why is there an access to quality public services?

Answer 21

More government is generated.

Question 22

Disadvantages of moving into an emerging economy

Answer 22

High costs of marketing
More difficult to plan
Fluctuating exchange rates means profits unstable.

Question 23

Indicators of growth

Answer 23

GDP per capital
Health
Literacy
Human development Index

Question 24

GDP per capita calculation

Answer 24

Total output/number of people in country

Question 25

What does a high GDP indicate?

Answer 25

A high standard of living

Question 26

Why is GDP per capita useful?

Answer 26

Useful to compare growth in two countries.

Question 27

Why is Health important to know?

Answer 27

Impacts the quality of a workforce.

Question 28

What aspects of health are considered?

Answer 28

Average life expectancy
Infant morality rate
Access to healthcare

Question 29

Literacy

Answer 29

Refers to the percentage of adults within an economy who can read and write.

Question 30

What does literacy determine?

Answer 30

Determines quality of workforce and customers that will be sold too.

Question 31

Human development index

Answer 31

Determines the quality of the development of citizens within a country.

Question 32

What factors does HDI combine?

Answer 32

Life expectancy
Mean years of schooling
Gross national income

Question 33

What is HDI measured between?

Answer 33

0-1

Question 34

What’s the problems with HDI?

Answer 34

Does not account for inequalities
Lack of reliable data in a country
Does not take into account qualitative factors.

Question 35

What do developed economies often have?

Answer 35

Smaller GDP growth
Higher income levels
Much better infrastructure