These are my IB Economics notes I made for my revision. I have made certain pneumonics which helped me remember all the content I needed for my revision. Also, I have made paper 1, 2 guides for IB Economics. If you are conceptually good but are struggling with the presentation of your concepts, thi...
OFree trade
PROS
0 Tefficiency allocotion Dfworld
resources
Cormporikive advantage
Accese to new qoods R services Choice
Copettion
L3Loweer prices 3
Greater economic growth.
Consumer Surplu: 1
More qaods lesser prices|
, Keasons for protectionism
Why Free trade e
Methods vsed bygort to resiriak.internabional tzode
flows
Importvs Exports:
If P> P ExportfRP 3Impo:
Pw
PL
Po
Eport Inport
Arquemenkswhy
0Infontindusk ries_arguement Fnable to devel
Tarrif to help Short-term_protectionism
Bu inetficiency
Prevent dumping" af cheapqoids u,Riskyto pase
Domeskic emplaymentprotection
Prevent unfair lo.wicostiaf labor Asiauksa Rasbil
Protecproduct standards iSmoke ueedns
BTo raise qovt revenue Tamik
Ipr.ove Corrent ace deficik
3 Prevent Over-speciallzation._
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