4.1

Economy

The system where goods and services are produced, distributed and consumed within a country/ region. It is influenced by factors such as supply and demand, government policies and market conditions

Developed Economy

A developed economy has high levels of economic growth and a stable economy. They have high standards of living, high levels of education and income per capita.

Developing economy

A developing economy has low incomes, low GD. high morality rates, poor standard of living and low levels of education and rely heavily on agriculture

Emerging Economy

A emerging economy has fast growth rates, they are industrialised rather than agricultural and they feature a growing middle class who demand more goods and services