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During economic growth there is an increase in inflation which is the rise in the general price of products. This means that people have to borrow more to be able to afford their goods so they have to borrow more. This is evident from the cosh push inflation diagram. As aggregate supply increases

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During times of rapid economic growth, inflation rises as well. As inflation rises, wages normally do not get adjusted for inflation, therefore purchasing power is weakened and the consumer basket costs more and more. Household need to purchase necessities and if the wage is not adjusted for inflation, the houses are forced to

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3b) This is because of language barriers, it will be hard for firms to communicate and understand foreign managers, As they speak different language. It's also cheaper to employ a local manager

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One way of measuring living standards is by real GDP per head. This indicates the way the people live and their lifestyles and it consists of the (potential) output produced per person in the economy. HDI is another way of measuring people's living standards because apart from real gdp per head, it also consists of education and longevity which are two indicators of living standards.

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One reason why they may prefer to employ local manager is because of language barriers. A foreign manager may not be able to speak the language and could have problems in the business. However, local manager would have no problems and so lower costs.

Also it costs less for a local manager to bring to the business, however a foreign manager would mean they have to come from another country increasing the costs.

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One reason why firms may prefer to employ local managers is because it costs less to bring the managers over from a local area than bringing someone from a foriegn country.  The firm may face a language barrier in communicating with the foriegn manager as the foriegn person is not familiar with local culture.

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There are several factors that effect the birth rate. One is if there is a young averaged aged population, another one is about the attitude to working women and the poor education which affects their knowledge of contraception methods

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a) Absolute poverty is when a person does not have access to basic necessities such as food and clothing.

b) Opportunity cost is the best alternative forgone. One opportunity cost of becoming a sole proprietor may be that they give up the opportunity to do a different job in another type of organisation such as a partnership or public limited company. Another cost could be the opportunity of a larger business. Sole proprietors often run small firms as it is difficult for one person to control a large firm.

c) An advance in technology would mean better, more productive machinery (capital goods). This would lead to an increase in the amount of products we can produce (consumer goods).

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A) I) with interest in a savings account there would an incentive to save more in a savings account as the money increases
A)Ii) to save for retirement in for th future
B)privately owned commercial banks their main is to make profit, whilst state owned care less about profit and more about the people because unlike a private bank it is controlled by the government and the government cares about the economy
Second reason:

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2a) a complement is a good with demand, in contrast to a substitute good. Eg arabica beans

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One risk they have to bear the risk of losing their money if the business fails
Another risk is other firms bringing rival products and rising costs of production.

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This means that the rate which the country is growing is increasing