5.3.1 Factors That Affect Population Growth A. Birth Rate Definition: The number of live births per 1,000 people per year. Factors increasing birth rate: Lack of contraception and education. Cultural or religious encouragement for large families. High infant mortality (more …
All monetary transactions between residents of one country and the rest of the world Balance of payments 3 main divisions Current Account Visible trade Tangible products – trade in goods Invisible trade Intangible products – trade in services Net Income …
All monetary transactions between residents of one country and the rest of the world Balance of payments 3 main divisions Current Account Visible trade Tangible products – trade in goods Invisible trade Intangible products – trade in services Net Income …
Price of one currency in terms of another currency For example 1 USD is equal to 250 PKR etc. Trading between countries requires exchange rate to gauge the currencies Market supply and market demand of the currency can determine the …
6.2.1 Definition of Globalisation Globalisation is the increasing integration and interdependence of economies across the world through: Trade Investment Technology Movement of people and capital It involves the expansion of international markets and the global spread of: Products Services Labour …
Specialization It means when the entire efforts of the nation are focused on some products that they can make very efficiently As a result, they have the ability to become better than other countries in its production. Absolute advantage One …
Economic Development It means that production and wealth in an economy increases which improves the welfare for the people. Developed countries High GDP per capita High HDI Best services Excellent civic services Tertiary and service sector is larger compared to …
Absolute poverty When a person can not even afford the basic life necessities Poverty line is the threshold of income that is required for this basic necessities People below this poverty line are facing absolute poverty. Relative poverty Being poor …
All the factors that contribute to a person’s happiness and well living is called living standard Different measures GDP per head/ per capita The better measure is real GDP/ capita Divide real GDP by the total population Average income per …
Inflation A continued increase in general price level over time. Measured with Consumer Price Index (CPI) Identify the goods and services that a typical household purchases It’s called a basket of products The prices will be monitored based on retail …