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Summary

Summary A2 Trade - Globalisation

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Summary and revision notes on Trade and Globalisation, with A04 evaluation points included.

Institution
WJEC
Course
A2 Unit 4 - Evaluating Economic Models and Policies

Content preview

, International Trade
WHY DO COUNTRIES TRADE
when they do not have the resources or capacity to satisfy their own needs and want
·




imports may be cheaper
·




ADVANTAGES
comparative advantage
·




country to specialise in producing stuff which it can produce effectively efficiently
>
-
&
encourages
at lowest
opportunity cost
↳


↑ consumer
surplus
·




economies of scale
"competition ↓ world prices
·
>
-




of Y
goods & services purchasing power of their income
-
>
narrow -

-
>
range
produce in at
higher volumes
↑quality
·




breaks down domestic monopolies competition encourages innovation design
· -
>
,




face competition from efficient foreign firms >
transfer of
technology
-
↳




↑
employment
>
-


export sector
multiplier process
-
>




DISADVANTAGES
over-specialisation diversity of output may diminish
· ·




>
-
World demand to risk oflosing jobs
-
local producers suffer from cheaper imports
structural
unemployment
-
>




·


infant industries difficult to survive
↳
face competition from foreign firms

UK Trade
BRITISH EXPORTS
EU US Switzerland UAE
HongKong
·




Machinery Vehicles
Semi-precious stones Fuel


BRITISH IMPORTS
Germany China us Netherlands France
·
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Written for

Study Level
A/AS Level
Examinator
WJEC
Subject
Economics
Unit
A2 Unit 4 - Evaluating Economic Models and Policies

Document information

Uploaded on
May 15, 2024
Number of pages
6
Written in
2019/2020
Type
SUMMARY

Subjects

  • international trade
  • globalisation
  • world trade organisation
  • foreign direct investments
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