Practise analysing how globalisation affects consumers, producers, workers, governments, living standards and the environment.
Global trade reached a record high of $ 29 trillion in 2022. It has continued to grow, although at a slower rate since the global health crisis.
With reference to the data above and your knowledge of economics, analyse the possible benefits for consumers of globalisation.
AO2 (3 marks)/AO3 (3 marks)
AO2 and AO3
- Consumers can access a wider range of goods and services from different countries including luxury items, exotic foods and digital products that were previously unavailable or expensive
- Increased competition and economies of scale have led to lower production costs which in turn have reduced prices for many consumer goods, such as clothing, electronics and household items
- As consumers have access to more and cheaper goods, their purchasing power has increased
- This can lead to higher living standards, better health and improved quality of life
- Globalisation has facilitated the transfer of knowledge and technology across borders
- This has led to new innovations, such as smartphones, online entertainment and e-commerce
(6)
Level
Mark
Descriptor
0
No rewardable material.
Level 1
1-2
- Demonstrates basic knowledge and understanding by developing relevant points. Limited application of economic terms, concepts, theories and calculations (AO2).
- Information presented will lack selectivity and organisation. Interpretation of economic information will be limited, with a lack of analysis of issues (AO3).
Level 2
3-4
- Demonstrates partial knowledge and understanding by developing relevant points. Partial application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate some selectivity and organisation. Interpretation of economic information will be good, with some analysis of issues (AO3).
Level 3
5-6
- Demonstrates clear knowledge and understanding by developing relevant points. Appropriate application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate excellent selectivity and organisation. Interpretation of economic information will be excellent, with a thorough analysis of issues (AO3).
Question
Number
With reference to the data above and your knowledge of economics, assess how a recession may affect inflation in a country such as Germany.
Indicative content
Mark