Theme 4 Topic 1 - Growing Economies

Question 1

How is economic growth measured?

Answer 1

Changes in GDP from one year to the next

Question 2

Define Emerging Economy

Answer 2

One with the potential to grow more quickly than more mature markets in terms of economic growth

Question 3

What five countries make up the BRICS economies?

Answer 3

Brazil, Russia, India, China, South Africa

Question 4

What four countries make up the MINT economies?

Answer 4

Mexico, Indonesia, Nigeria, Turkey

Question 5

What five other factors need to be considered before setting up in an emerging economy?

Answer 5

The overall size of the economy, Average incomes, Import restrictions and government regulations, Quality of infrastructure, Different cultures

Question 6

What % of world GDP growth is likely to come from emerging market economies?

Answer 6

70% - China and India accounting for 40-50%

Question 7

What are two implications of economic growth for individuals and businesses?

Answer 7

Trade obligations and Employment patterns

Question 8

What are four indicators of growth?

Answer 8

GDP per capita, Literacy, Health, HDI

Question 9

Define Gross Domestic Product (GDP) per Capita

Answer 9

Measures the total economic activity in a country divided by the number of people in the country

Question 10

Define Literacy

Answer 10

The percentage of adults who can read and write

Question 11

Define Health Indicators

Answer 11

Includes life expectancy, infant mortality rates, access to clean water and is a key indicator of the level of development of an economy

Question 12

Define Human Development Index (HDI)

Answer 12

Combines statistics on life expectancy, education and income to enable countries to be ranked against each other based on people and skills as well as economic conditions

Question 13

Define Purchasing Power Parity (PPP)

Answer 13

The price of purchasing a standard basket of goods so allows you to compare prices across economies