business theme 4

• GCSE Other Subjects include Arabic, Art, Craft & Design, Art & Design: Fine Art, Citizenship Studies, Dance, Design & Technology, Drama, German, Latin, Media Studies, Music, Physical Education, Polish, Sociology, and Spanish.
• IGCSE Maths is offered by Edexcel and CIE (Extended).
• A comparison of the two charts above quickly reveals that the growth rate of China is consistently higher than that of the UK.
• UK growth tends to be lower than emerging economies.
• India, China and Brazil are considered to be emerging economies.
• The UK economy has seen a decline in the manufacturing sector as businesses choose to manufacture in emerging economies due to lower labour costs and access to raw materials.
• Emerging economies are economies that have increasing growth rates but relatively low income per head (per capita).
• The growth rate of China from 2002 to 2021 peaked at around 14%.
• A key factor why emerging economies are growing at a faster rate than the UK economy is because of the growth of the manufacturing sector.
• China is the world’s largest manufacturing economy and exporter of goods.
• The growth rate of the UK from 2002 to 2021 peaked at around 4%.
• The UK growth rate peaks at around 4% in 2000 whereas China peaks at around 14% in 2007.
• The growth rate of a country is measured by the annual change in its gross domestic product (GDP).
• There are four key indicators used to assess the economic growth of emerging economies: GDP per capita, health, literacy, and the Human Development Index.
• Literacy refers to the percentage of adults within an economy who can read and write, and according to the OECD’s 2016 International Adult literacy survey, the differences in average skill levels among OECD countries explain 55% of the differences in economic growth.
• The health of a country's citizens is important to businesses who want to invest in emerging economies as this will have an impact on the quality of the workforce.
• The problem with using HDI as a measure of development is that it does not account for inequalities within a country and there is a lack of reliable data in some countries.
• The government can improve the quantity and quality of public services by increasing investment as the economy grows, which encourages businesses to expand and potentially attracts foreign direct investment.
• The Human Development Index (HDI) combines the factors of life expectancy, education and income to determine the quality of development of citizens within a country, and is measured between 0-1 (1 being the highest).
• Key indicators to consider are average life expectancy, infant mortality rate, access to healthcare and access to clean water.
• GDP per capita is calculated by taking the total output (GDP) of a country and dividing it by the number of people in that country, and is associated with a high standard of living.
• The integration of global economies has impacted national cultures, spread ideas, and speeded up industrialisation in developing nations.
• Emerging economic powers of countries within Asia, Africa and other parts of the world include BRICS: B razil, R ussia, I ndia, C hina and S outh Africa.
• MINT: M exico, I ndonesia, N igeria and T urkey
• Potential for increased profits as businesses enter new markets and gain more customers.
• This increases the profitability of international firms who sell their goods and services in these emerging economies.
• Customers are likely to have income elastic demand leading to increased sales and revenues/profits.
• Reduced unemployment as there is more demand which requires more labour to increase output.
• Globalisation is the economic integration of different countries through increasing freedoms in the cross-border movement of people, goods/services, technology & finance.
• Reduced costs of production as businesses can benefit from lower labour costs and cheaper raw materials in emerging economies.
• Increased average incomes as individuals now have rising incomes due to employment which increases the standard of living.
• Access to quality public services as more tax revenue is generated.
• The past twenty years has been characterised by rapid globalisation and the growing economic power of less economically developed countries.
• Increased trade opportunities as demand for goods and services increases.
• Economic growth helps to generate income in a country and there are numerous implications for businesses and individuals within it.
• Emerging economies have a growing middle class with increasing incomes which allows their citizens to spend more on domestic goods and imported goods from abroad.
• Impacts on Businesses
• GCSE Maths, Biology, Chemistry, Physics, Combined Science, Business, Computer Science, Economics, English Language, English Literature, French, Geography, History, Psychology, and Religious Studies are offered by Edexcel, AQA, and OCR.
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• Demand and supply are key factors in the market.