What is developed economy

Fresh revision notes for IGCSE- GCSE Economics development economics section on dineshbakshi.com.

What is a developed economy?

Countries with economies in which the tertiary and quaternary sectors of industry dominate are known as developed economies. This level of economic development is usually determined on the following factors:

High income per capita

"High income economies" are defined by the World Bank as countries with a Gross National Income per capita of $11,456 or more. According to the United Nations definition some high income countries may also be developing countries. Thus, a high income country may be classified as either developed or developing.

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Free IGCSE and A level Business Studies resources

Visit dineshbakshi.com for the best revision notes and free resources for IGCSE Economics , IGCSE Business studies, Accounting and ICT.
Some of the latest resources added to dineshbakshi.com include:
Newspaper report analysis
Revision questions for IGCSE Economics

A new data response question on Demand has been added to dineshbakshi.com

A lot of A Level Business resources have been added to the A Level and AS Level Business section. View A Level Business notes

We will be updating you with the latest resources and and when they are added.

Characteristics of an entrepreneur

Self motivation

They are also often very passionate about their ideas that drive toward these ultimate goals and are notoriously difficult to steer off the course.

Positive attitude

There might be initial hurdles and failures in ventures. A successful entrepreneur learns from his mistakes and does not get dismayed by initial failures. He always sees the light at the end of the tunnel and continues with his journey. Positive attitude also helps in making a strong team which might be very instrumental in the ultimate success of the venture.

Risk taker

"nothing ventured, nothing gained". Successful entrepreneurs are risk takers who have all gotten over one very significant hurdle:  they are not afraid of failure.

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New Content added to Busines Studies syllabus (2015)

The following are the new topics which have been added to the Business studies syllabus 2015.

1.1.1 Importance of specialisation
1.3.1 Enterprise and entrepreneurship
1.3.4 Why some (new or established) businesses fail
1.5.1 Objectives of social enterprises
2.1.1 Maslow's hierarchy and key motivational theories – Taylor and Herzberg
2.3.1 Benefits of part-time and full-time workers
3.1.1 Maintaining customer loyalty; building customer relationships
3.3.5 Use of social networks for promotion
5.1.2 Importance of micro-finance in developing economies
6.3.1 The concept of globalisation, the reasons for it and the opportunities and threats of globalisation for businesses

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We have already amended/added the following revision notes.

Importance of specialisation
Adding Value
Enterprise and entrepreneurship

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AS/A Level Economics revision notes

Economics Section in dineshhbakshi.com has some new additions. We have a new category of revision notes specifically targeting AS and A level Economics. These revision notes are divided into 7 Units according to latest syllabus (2011) of Cambridge International Examinations. However, they are useful for other examination boards as well,such as EDEXCEL, OCR and IB Diploma.

This section will be loaded with interactive revision quizzes, worksheets, case studies and other resources which will enhance students understanding of these topics. Three Units are already published.

Click here to goto A Level Economics revision notes

Android App for IGCSE Business Studies

Revision notes for IGCSE Business studies are now available on Android smartphones. dineshbakshi.com has launched its first mobile app for Andorid platform. The app is Free to download from the Google play store. Click here to goto Google Play store Install this app on your mobile phone and revise Business Studies on the go.  More apps will be launched soon. 

Revision notes on IGCSE Economics

Individual spending and saving section is a very important section for Paper 2 in IGCSE Economics. Usually there is a question on this topic every year.

Factors affecting individual expenditure

• Level of income/wealth: An individual with high income will usually spend more than a person whose income is less.
• Family size and commitments: An individual with a large family will end up spending more from his income.
• Rates of interest: When interest rates are high people usually spend less as saving are a more attractive option.
• Availability of/knowledge about savings schemes

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Factors affecting Saving

• Interest rates: Higher interest rates will encourage people to save more.
• Availability of appropriate savings schemes: With more options to save money people will be attracted to save more
• Advertising of/knowledge about what is available at financial institutions
• Confidence/trust in financial institutions
• Size of real disposable income: Disposable income is the income left after paying taxes. Thus more money left in pockets will encourage people to save more.

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Accounting Mind Maps

A New mindmap for IGCSE Accounting has been uploaded on dineshbakshi.com. This mindmap is very helpful for students to understand the basic rules of accounting i.e. debit and credit. This mindmap can be downloaded from www.dineshbakshi.com Mind Map section in PDF format. Check out hundreds of other mind maps on Economics and Business Studies in the same section.

Centralisation and Decentralisation

Centralisation and Decentralisation
Centralisation implies the concentration of authority at the top level of the organisation while decentralisation means dispersal of authority throughout the organisation

According to Allen

Centralisation is systematic and consistent reservation of authority at central
points within an organisation. Decentralisation applies to the systematic
delegation of authority in an organisation context.

Advantages of Decentralisation
Decentralisation reduces the workload of top executives.
It improves job satisfaction and morale of lower level managers by satisfying their needs for independence, participation and status.
Decision making is quicker.
It facilitates growth and diversification. As each product division is given sufficient autonomy for innovation and creativity.
It gives opportunity to subordinates to exercise their own judgment. They develop managerial skills which will be useful to the organisation in the longer run.
Decentralisation requires wider span of control and fewer levels of organisation. It speeds up communication.
Decentralisation increases the administrative expenses and each division or department has to be sufficient in terms of physical facilities and trained personnel.
As each department or division enjoys substantial autonomy it might lead to co-ordination problems.
There might be lack of uniformity and inconsistent procedures as each department might have the authority to formulate its own policies and procedures.
Disadvantages of Decentralisation
Decentralisation increases the administrative expenses and each division or department has to be sufficient in terms of physical facilities and trained personnel.
As each department or division enjoys substantial autonomy it might lead to co-ordination problems.
There might be lack of uniformity and inconsistent procedures as each department might have the authority to formulate its own policies and procedures.

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How to design a questionnaire

The most common research instrument is the questionnaire. Poorly designed questionnaires do not uncover the information you are seeking. Pretest any question with a few people to see which questions are being misunderstood or are not effective in drawing out the type of response you are interested in.

Keep these tips in mind when designing your market research questionnaire.

• Keep it simple.
• Include instructions for answering all questions included on the survey.
• Begin the survey with general questions and move towards more specific questions.
• Keep each question brief.
• If the questionnaire is completed by the respondent and not by an interviewer or survey staff member, remember to design a questionnaire that is graphically pleasing and easy to read.

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