growing economies

Question 1

globalisation

Answer 1

how interconnected the world is

allowed busiensses to operate in several countries

allowed them to make strategic decisions about where to get raw materials, manufacture products e.g counteries with cheaper labour

Question 2

what is GDP

Answer 2

gross domestic product

total market value of all goods and services produced within a nation over a period of time (usually a year)

used to measure economic perfomance of a country

Question 3

how is GDP measured

Answer 3

per capita

means GDP is divided by the number of people in country

Question 4

dis of GDP

Answer 4

doesnt show the distribtuion of wealth within a country, levels of disposable income or costs of living

Question 5

what are examples of other indicators of economic growth

Answer 5

literacy rate

health

human development index

Question 6

what is the literacy rate

Answer 6

percenatge of the population in a country aged betweeen 15 and above who can read and write

increase in literacy rate indicates economic growth, as suggests more of popultion are educated and able to work in skilled jobs

Question 7

health

Answer 7

WHO (world health organiation) assess level of health using number of indicators e.g life expectancy, death rates (morality) range of causes, sickness rates etc

increase in level of health indicates an economy is growing, population is fit to work

Question 8

human developmet index

Answer 8

measures how developed people in a country are

e.g avergae number of years schooling, averge income of each person

Question 9

what does economic growth mean to a country

Answer 9

means theres an increase in demand, output
beneficial to individuals and busisnesses within an economy

greater level of output, increases employment opportunities for people living in that county
more people earning money and amount they are earining also increases

demand for products that have a postive income elatcoty of demadn will incerases
creates more opportunities for businesses, therefore, more sales and profit being made

businesses from foreign eocnomies can the sart selling their goods in wherer the growing economy is

increase demand for luxury items

foregin counteries may also start operating parts of their businesses in counteries with growing economies
done to reduce costs if their is cheaper labour avaliable
save tranpsoration costs

however, disadvnatge of operating overseas may ,ean individuals in home counteires may have to have jobs cut there

Question 10

what is an emerging eocnomy

Answer 10

economy that is fast gorwing but not yet fully developed