Theme 4 - Mrs Percival Flashcards
What is an Import?
Bringing a good or service in from another country
What is an emerging economy?
An emerging economy is one that is not classed as developed yet
Transitioning from an low income and pre-industrial economy towards a industrial economy with a higher standard of living
What is the Human development index(HDI)?
An index that contains things like:
Life expectancy
Education
Income per capita
Embargo
A ban on trade between 2 countries
Not always and entire ban on trade maybe just a ban on a particular product or service
What is Saturation?
When the volume of a product or service has been maximised within a market and therefore can reduce growth and limit sales
Can only achieve further growth through new product improvements
What is economic growth?
An increase in the production of economic goods and services
What is a competitive advantage?
Factors that allow a company to produce goods or services better or more cheaply than its rivals
What is a subsidy?
A benefit given to an individual business, usually by the government
what is a comparative advantage
an economies ability to produce a good or service at a lower opportunity cost
