3.1 Globalisation Flashcards
What does BRICS refer to and which countries are in it
Emerging economies
Brazil, Russia, India, China, South Africa etc.
What does MINT refer to and which countries are in it
Rapid economic growth
Mexico, Indonesia, Nigeria, Turkey
What is the difference between offshoring and outsourcing?
What are some of the effects of economic growth on individuals?
- More job opportunities and increased income
- More demand for specialist labour so more human capital and productivity
- Changes to structural employment and more rural-to-urban migration
- ## Shifting patterns of employment due to more competitive markets and firms
What are some effects of economic growth on firms?
Who are the winners and losers in developing economies
Who are the winners and losers in emerging economies
Define nominal value
Define current prices
Define real values
Define constant prices
What is the formula for real values?
Nominal value x100/ Price index
What is the formula for index values?
Current value/ Base year value x100
What is trade liberalisation?
