Exam (elaborations)
AQA Economics - Paper 2 - The Global Economy 2024 Exam Questions and Answers
- Course
- Institution
AQA Economics - Paper 2 - The Global Economy 2024 Exam Questions and Answers
[Show more]
Seller
Follow
RevisionKing
Reviews received
Content preview
AQA Economics - Paper 2 - The GlobalEconomy 2024
Exam Questions and Answers
What are the main characteristics of globalisation? - Answer>>
Free movement of capital and labour across International
boundaries, free trade between countries and the availability of
technology and intellectual capital to be used on an international
scale
In the last 50 years, why has the scale and pace of globalisation
increased? - Answer>> Trade liberalisation - removal of tariffs
etc. may negotiate these with WTO.
WTO raised standards on global products - to increase consumer
confidence in imported goods
Reduction in cost and time needed - for transportation of goods.
Cheaper to import and export. E.g. could be due to larger cargo
ships
Improvements in communication - e.g. internet makes trade
easier and cheaper
MNC's wishing to increase profits - might built a factory in and
LEDC for cheap labour. Increase in FDI from MNC's
Firms expanding overseas - wish to exploit economies of scale
More MNC's with influence - more international trade and
investment as influence grows
Governments wanting benefits of International trade - e.g. govt
might want to provide incentives for foreign firms to invest in their
country
The opening of markets to trade and investment - e.g. after
collapse of USSR economy opens up and globalisation increases
through more trade
Growth in international trading blocs
Increased investment by sovereign states - Norway invests some
oil revenues in foreign companies
, International specialisation - best at making in one country
encouraging international trade
What are some cultural and political factors involved in
globalisation? - Answer>> International bodies e.g. UN lead to
more joint decision between countries and firms - cultural
globalisation e.g. McDonalds
International trade becoming a greater proportion of all trade and
de-industrialisation of MEDC's for industrialisation of LEDC's are
both characteristics
What are the reasons for big firms setting up companies in
emerging countries? - Answer>> Cheap labour and same
technology and skills needed to produce products
Which factors attract MNC's to invest in a country? - Answer>>
Cheap raw material and labour, good transport links, access to
different markets and pro-foreign investment governments
What are some things globalisation and trade encourage? -
Answer>> specialisation in economies to create comparative
advantage in that country (more efficient than another country at
making a certain product), trade makes bigger markets so
economies of scale are more present and World GDP has risen
as a result of globalisation
What are some drawbacks of globalisation? - Answer>> Some
prices rise as world incomes rise so there is sometimes excess
demand, Specialisation can lead to overreliance on markets - e.g.
Venezuela over-reliance on oil revenue (not a specialised markets
but the reliance is there :D) and individuals firms could be
outcompeted by foreign firms
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RevisionKing. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now