revision resource - 30 Q Flashcards
how does economic development differ from economic growth?
how is economic development measured?
Explain the components of this measurement
Distinguish between the 3 structural components of an economy (primary/secondary etc)
- Distinguish between 3 description of an economy’s state of development (developed etc)
Explain what is meant by “sustainable development”
- Give one example of how this may be achieved
Define international trade
Explain one way in which the pattern of international trade has changed in the 21st century
Define exchange rates and give a supporting example
- 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$
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 £
Distinguish between fixed and floating -rates
Draw a diagram to show how floating x-rates are determined (ensure clear and full labelling)
Draw a diagram to show how fixed -rates are determined (ensure clear and full labelling)