Practise IB Economics SL 4.1.1 by explaining how international trade can create gains from specialization, exchange and wider market access using marked exam evidence.
Explain two possible benefits of international trade.
Answers may include:
- Terminology: international trade.
- Explanation: of any two of the following benefits: increased competition;
lower prices;
greater choice;
acquisition of resources;
more foreign exchange earnings;
access to larger markets;
economies of scale;
more efficient resource allocation;
more efficient production.
- Diagram: free trade diagram illustrating imports when world price is below domestic price;
or international trade diagram (tariff, quota, subsidy) to explain benefits of reducing trade protection.
A maximum of [6] should be awarded if only one benefit is addressed.
Assessment Criteria
Part (a) 10 marks
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.