revision resource - 30 Q Flashcards

1
Q

how does economic development differ from economic growth?

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2
Q

how is economic development measured?

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3
Q

Explain the components of this measurement

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4
Q

Distinguish between the 3 structural components of an economy (primary/secondary etc)

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5
Q
  1. Distinguish between 3 description of an economy’s state of development (developed etc)
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6
Q

Explain what is meant by “sustainable development”

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7
Q
  1. Give one example of how this may be achieved
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8
Q

Define international trade

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9
Q

Explain one way in which the pattern of international trade has changed in the 21st century

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10
Q

Define exchange rates and give a supporting example

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11
Q
  1. Explain in words how you would convert an import order of SUS 50,000 into f’s- make up an x-rate to support your explanation and add an example to show a stronger US$
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12
Q

Explain in words how you would convert an export order of £50,000 into Euros- make up an x-rate to support your explanation and add an example to show a weaker £

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13
Q

Distinguish between fixed and floating -rates

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14
Q

Draw a diagram to show how floating x-rates are determined (ensure clear and full labelling)

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15
Q

Draw a diagram to show how fixed -rates are determined (ensure clear and full labelling)

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16
Q

Explain two key possible causes of changes in a country’s exchange rate.

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17
Q

Explain one likely consequence of a stronger x-rate

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18
Q
  1. Using a different type of consequence, explain one likely consequence of a weaker x-rate.
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19
Q
  1. Explain what is meant by globalisation
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20
Q
  1. Explain one key cause of globalisation
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21
Q
  1. Explain one key consequence of globalisation
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22
Q
  1. Explain, using an example what is meant by international competitiveness
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23
Q
  1. Distinguish between absolute and comparative advantage
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24
Q
  1. Explain one way in which comparative advantage explains the pattern of international trade
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25
Q
  1. Explain one way in which comparative advantage is less relevant than before
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26
Q
  1. Define the Marshall-Lerner Condition
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27
Q

Explain how the Marshall Lerner condition may lead to the J-Curve effect

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28
Q

Define what is meant by terms of trade (including the equation)

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29
Q
  1. Explain how Terms of Trade is calculated (i.e. how to show stronger/weaker terms of trade
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30
Q
  1. What is the key difference between terms of trade and balance of payments?
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