CXC Principles of Business Exam guide: Section 9: Social Accounting and Global Trade



CXC CSEC Principles of Business Exam guide: Section 9: Social Accounting and Global Trade

CXC CSEC Principles of Business Exam Guide

 

Profile 3: The Business Environment

Section 9: Social Accounting and Global Trade

SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1.

Outline the factors that determine a country's standard of living;

Indicators of a country's standard of living (factors indicating a country's wealth):

(a) level of consumption of goods and      services;

(b) average disposable income of the      population;

(c) level of national ownership of capital      equipment;

(d) access to modern technology;

(e) level of investment in research and      technology.

 

2. Distinguish between a country's standard of living and its quality of life;

Indicators of a country's quality of life (factors indicating the extent to which a population enjoys the benefits of its wealth):

(a) extent of security enjoyed (level of crime);

(b) availability of health, educational and      recreational facilties;

(c) diet and nutrition;

(d) life expectancy;

(e) rate of infant mortality;

(f) access to public utilities, such as electricity      and potable water.

3.

Explain the concept of national income and its variants;

The concept of national income and its variants;

 

4.

Explain the approaches used to measure national income;

Approaches to measure:

(a) Gross Domestic Product (GDP);

(b) Gross National Product (GNP);

(c) National Income (NI);

(d) Per Capita Iincome;

(e) Advantages and disadvantages of different      approaches used to measure national income.

5. Distinguish between economic growth and development;

Concepts of economic growth, negative growth, growth witout development, the quatitative nature of growth and the qualitative nature of development.

6. Describe the role of education in economic growth and development;

The role of human resource development in economic growth and development.

7.

Outline the reasons for international trade;

Reasons for internatonal trade.

8. Differentiate between balance of trade and balance of payments;

Concepts of balance of trade and balance of payments.

9.

Outline the measures which a country may adopt to address balance of payment problems.

Measures to address balance of payment problems:

(a) tariffs;

(b) licenses;

(c) quotas;

(d) exchange control;

(e) devaluation

(f) borrowing from another country;

(g) accepting gidts from other countries;

(h) importing on credit;

(i) drawing on the resources of the International      Monetary Fund or other international financial      institutions.

 


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Explanation of the content

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What are some examples of Quality Control

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Food Sanitation ACT and Health inspection

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