Category: Principles of Business

CSEC Study Guide 1

In this study guide series, you will be given a PDF file which will contain concise revisions on different topics in different subjects. You can choose whether or not to download the particular study guide based on the summary provided in the body of the post here. All the subjects below are in one file…...

Economic Institutions and Systems

Caribbean Community Common Market (CARICOM) A common market is an association of countries that have joined together to bring about the harmonious development, continuous economic expansion and increased stability of the countries involved. CARICOM was formed in July 1973 when Barbados, Trinidad and Tobago, Jamaica and Guyana signed the treaty of Chaguaramas.  Since then the…...

Economic and Social Problems in the Caribbean

Unemployment Globalization has contributed significantly to unemployment in the Caribbean. With the removal trade barriers, some industries have not been able to compete globally. The lack adequate skills that are required for the new industrial paradigm for example, information technology skills have also contributed to the problem of unemployment. A high level of unemployment among…...

Possible solutions to Economic and Social Problems

Access to Foreign Direct Investment (FDI) Foreign Direct Investments refers to capital investments into factories, machinery and equipment by a foreign company or an individual. FDI is important for the development of Caribbean economies as they are challenged by their high debt- to-GDP ratios and increased global competition for export earnings. Attracting foreign direct investment…...

Factors that determine a Country’s Standard of Living

The standard of living is defined as the level of wealth experienced by a county which is indicated by the average disposable income of the population, ownership of capital equipment, the level of research and access to modern technology and the quality and quantity goods and services enjoyed by citizens. Level of goods and services…...

National Income

The national income of a country is the total income earned by that country from the production of goods and the provision of services in a given year after deducting depreciation. It therefore measures the level of economic activity of a country within a year. Note depreciation of assets is taken into account when measuring…...

Economic Growth and Development

Economic growth is the expansion of national income.  The rate of expansion is usually measured from one year to the next. Economic growth can be achieved if countries increase their capacity to produce. Economic Development is sustained economic growth accompanied by policies that bring about structural changes such as increase in exportation, decrease in importation,…...