Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

Using the data and your economic knowledge, assess the view that living
standards in the UK are likely to benefit from sustained economic growth in
the economies of Africa
...

The Human Development Index (HDI) is a composite statistic of life expectancy,
education, and income per capita indicators, which are used to rank countries into
four tiers of human development
...
All African countries fell in the bottom
half with the UK 12th
...
The World Bank points to a rapid transformation in some countries
...
Kenya has
emerged as a major supplier of cut flowers and Rwanda is developing tourism very
successfully amongst others
...
Simultaneously there will be an impact on the UK
economy as a result
...
I will now assess the view that living standards
in the UK are likely to benefit from sustained economic growth in the economies
of Africa
...

An outward shift of the Production possibility frontier (PPF) represents potential
growth, whilst a move from point A to point B represents actual growth
...
For example, the labour force of a
nation may increase due to immigration, but if there’s no demand for this factor
output will rise
...
Increasing GDP per capita means that on average, the population
can enjoy more goods and services
...
Such industries may
include financial services and various technologies such as modern cars
...
Exports being a contributor to aggregate demand UK will benefit from a
rise in their real national output and a a move towards or achieving a surplus in the
balance of payments
...
Additionally the prospect of such countries coming to the UK for imports
to enhance their situation may be unrealistic in full, as they’re preferably likely to
seek instead a competitor country that may offer cheaper of better quality goods
and services such as Germany or China
...

Additionally growth and development in various African countries may mean that
their industries which are increasingly prosperous due to economic development
may become newly competitors to already established UK firms
...
On the supply side, many African countries have improved
their investment climate and conditions for doing business, which enhance
long-term growth prospects
...
As a result of the newly found
competition firms wishing to infiltrate market share over their competitors may
operate various pricing techniques in accordance to the elasticity of their products
or services
...
However this is dependent on the
country and the likelihood of such things happening
...

Standards of living in the UK will be benefit from increased investment into the UK
from African countries with strong economies
...

Additionally rich individuals bought about from an economic boom in Africa may
wish to invest in UK markets such as the housing market in order to make additional
income
...
Additionally a rise in
investment should stimulate an increase in overall investment based on the accelerator
affect which could aid living standards in the UK through cheaper prices from new
production techniques as a result of the overall increase in investment
...
Again the likelihood of this occurring over other European
countries is very much determined by the fact the UK doesn’t use the Euro
...


Environmental damage, although hard to quantify is very much a factor of the
standard of living ask a person if they want to save all the pandas in the world or gain
higher income and most would choose the former
...
However it
may decrease UK costs of supply as African countries may wish to extort as much
capital from their natural resource as possible in a short amount of time for example

Nigeria and oil
...
However increased
depletion of resources means greater pollution to the environment which despite
occurring in the African countries to an extent can be passed on to other countries
such as the UK in the form of weather disasters for example
...
5%)
...
The trading partner size for instance will impact the
benefit of living standards here as a sub par firm won’t be able to compete abroad
with conglomerate UK firms
...
How well are other developed countries doing at building links with this
one?



---