Edexcel A-Level Economics A2 4.3.2 1a Benefits and Costs of Specialisation and Trade in the International Comparative Topic Practice

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Pearson Edexcel IAL Economics

Unit 3: Business Behaviour

3.3.1 - Types and sizes of businesses

3.3.2 - Revenue, costs and profits

3.3.3 - Market structures and contestability

3.3.4 - Labour markets

3.3.5 - Government intervention

Unit 4: Developments in the Global Economy

4.3.1 - Causes and effects of globalisation

4.3.2 - Trade and the global economy

4.3.2.1a - Benefits and costs of specialisation and trade in the international comparative

4.3.2.1b - theory of comparative advantage: • the distinction between absolute and comparative

4.3.2.2a - Factors influencing patterns of trade between countries and causes volume of world of

4.3.2.2b - Changes in trade flows between countries, and the reasons for these changes

4.3.2.3a - Understanding and calculation of the terms of trade

4.3.2.3b - Factors influencing a country's terms of trade, changes in: • relative inflation rates

4.3.2.3c - impact of changes in a country's terms of trade on: • export revenues • living

4.3.2.4a - role of the World Trade Organization (WTO) in trade liberalisation and liberalisation.

4.3.2.4b - Types of trading blocs: • free-trade areas • customs unions • common markets • economic

4.3.2.4c - Costs and benefits of membership of a trading bloc: • trade creation • trade diversion

4.3.2.4d - Possible conflicts between trading blocs and the WTO

4.3.2.5a - Reasons for restrictions on free trade: free trade • to protect infant and geriatric

4.3.2.5b - Types of restrictions on free trade: • tariffs • quotas • non-tariff barriers •

4.3.2.5c - Impact of protectionist policies on: • consumers • producers • governments • living

4.3.3 - Balance of payments, exchange rates and international competitiveness

4.3.4 - Poverty and inequality

4.3.5 - The role of the state in the macroeconomy

4.3.6 - Growth and development in developing, emerging and developed economies

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