IB Economics HL 4.4.2 Trading Blocs Questions

Answers may include:
- Terminology: Free trade area, common market.
- Diagrams: Candidates may answer the question without the use of diagrams, but they might decide to devise a diagram using for example a Venn diagram to help explain the difference.
- Theory: An explanation that a free trade area is an agreement between two or more countries to reduce or remove tariffs and other barriers to trade between them. A common market is a level of economic integration in which countries share common external barriers to trade. Between members there are no controls on the movement of goods and services and there is freedom of movement for the factors of production.

Assessment Criteria

Marks ..... Level descriptor
0:
- The work does not reach a standard described by the descriptors below.
1-2:
- The response indicates little understanding of the specific demands of the question.
- Economic theory is stated but it is not relevant.
- Economic terms are stated but they are not relevant.
3-4:
- The response indicates some understanding of the specific demands of the question.
- Relevant economic theory is described.
- Some relevant economic terms are included.
5-6:
- The response indicates understanding of the specific demands of the question, but these demands are only partially addressed.
- Relevant economic theory is partly explained.
- Some relevant economic terms are used appropriately.
- Where appropriate, relevant diagram(s) are included.
7-8:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is explained.
- Relevant economic terms are used mostly appropriately.
- Where appropriate, relevant diagram(s) are included and explained.
9-10:
- The specific demands of the question are understood and addressed.
- Relevant economic theory is fully explained.
- Relevant economic terms are used appropriately throughout the response.
- Where appropriate, relevant diagram(s) are included and fully explained.