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2.4 International trade and the global economy

Why do countries trade with one another?

A
  • Resources, climates, skills, technology and production costs differ.
  • Each country can produce some goods more easily and cheaply than others.
B
  • Countries trade only when their populations have exactly the same needs.
  • Each country produces goods at the highest possible cost to reduce competition.
C
  • Resources, climates, skills, technology and production costs are identical.
  • Each country must produce every good itself at the same cost.
D
  • All countries want to eliminate consumer choice.
  • Each country can produce every good more easily than its trading partners.

2.4 International trade and the global economy Flashcards

  1. GCSE
  2. /Economics
  3. /2.4 International trade and the global economy

Flashcards for AQA GCSE Economics 2.4 International trade and the global economy, covering the key terms, formulae and calculations you need to recall for Paper 1 and Paper 2. 25 cards drawn from 2.4.1a The importance of trade, 2.4.1b Advantages of trade and interdependence, 2.4.1c UK exports and imports, 2.4.2a How exchange rates are determined, 2.4.2b Effects of exchange rate changes, 2.4.3a Free-trade and its arguments, 2.4.3b Free-trade agreements such as the EU, 2.4.4a Features and growth of globalisation, 2.4.4b Benefits and drawbacks of globalisation, and 2.4.4c Moral, ethical and sustainability considerations, matched to the AQA GCSE Economics (8136) specification. Recall questions account for roughly 35% of marks at GCSE Economics, so these target the marks you can secure before the paper starts.

Flashcards