Measures of Development Economic development is the sustainable increase in living standards for a country, typically characterised by increases in life span, education levels, & income There a...
Inequality Income & wealth inequality are two different concepts Income inequality refers to the unequal distribution (flow) of income to households i.e rent, wages, interest & profit Wealt...
Absolute & Relative Poverty Absolute poverty is a situation where individuals cannot afford to acquire the basic necessities for a healthy & safe existence These necessities include shelter...
Measures of International Competitiveness International competitiveness refers to how well a country's products compete in international markets Competitiveness can change over time In order to mak...
Exchange Rate Systems An exchange rate is the price of one currency in terms of another e.g. £1 = €1.18 International currencies are essentially products that can be bought & sold on the foreig...
Components of the Balance of Payments The Balance of Payments (BoP) for a country is a record of all the financial transactions that occur between it and the rest of the world The BoP has two main ...
Reasons for Restrictions on Free Trade (Protectionism) Free trade aims to maximise global output based on the principle of comparative advantage However, there are numerous reasons why countries wo...
Types of Trading Blocs A trading bloc is a group of countries who come together & agree to reduce or eliminate any barriers to trade that exist between them There are different levels of econom...
The Terms of Trade Terms of trade refer to the ratio of a country’s average price of exports to the country’s average price of imports The relative price of imports & exports can have a direct ...
