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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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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Workers Participation Revision Notes

Worker participation

Worker participation refers to the influence that workers had on decision-making at management level. Representative workers of influence achieved this through their work on the various management-employee committees.

Advocate workers of influence used formal, individual meetings with management to influence their thinking. Informal workers of influence give input to management thinking in informal arenas such as articles in the newsletter and informal discussion where they exchange information with management.

Participation requires that management share information about the operation of the plant, the marketplace and the needs of customers and suppliers.

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Affect of Exchange rate fluctuation on businesses

Many times students are expected to evalute the affect of exchange rate fluctuations on the businesses in the country. dineshbakshi.com has recently added revision notes on this topic. A brief summary is given below...
How fluctuation in exchange rate affects business.
Let’s take the example of Britain and US. If the value of Pound Sterling fluctuates in comparison to US$, then, how will it affect different businesses in United States?
Appreciation of Currency
US Dollar becomes expensive as compared to British Pound.
In order words, there is an Appreciation in the value of US$
Earlier 1 Pound could get $1.5,
Now 1 Pound can only get $1.3 (because US$ has appreciated)
It will directly affect US Importer and Exporters. Lets see how…
US Importers will GAIN because now US$ dollar can buy more from Britain. Earlier $1.5 could get only 1 Pound worth of goods from UK but now US importer have to pay only $1.3 to get 1 Pound worth of goods from UK.
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