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Summary A2 Trade - Globalisation £4.99
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Summary A2 Trade - Globalisation

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

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  • May 15, 2024
  • 6
  • 2019/2020
  • Summary
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gracehuang02
, 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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