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A-Level Globalisation, International Trade and Economic Co-operation

What the A-Level syllabus expects for Globalisation, International Trade and Economic Co-operation, and how to practise it.

What the syllabus expects

Globalisation is the rising cross-border trade in goods and services along with the movement of capital and labour between countries, together with the factors that influence it.
The rationale underpinning free trade and specialisation.
The benefits and costs that free trade, together with cross-border movement of capital and labour, bring to consumers (prices, choice and variety of goods and services), producers (market size, degree of competition, production cost and innovation), and government (macroeconomic objectives and policy choice).
The benefits and costs that protectionism carries.
Governments may take up economic co-operation and trade agreements with other countries, or apply protectionist measures, to pursue their macroeconomic aims.
Scope: The Theory of Comparative Advantage should be understood in terms of opportunity cost; a numerical illustration of it is not required. Diagrammatic analysis of tariff effects is required. Students need not hold detailed knowledge of the various forms of economic integration, nor institutional or legislative detail, and diagrammatic analysis of co-operation and trade agreements between countries is not required.

About 7% of the past-paper style questions in Rae's bank for this subject sit in this topic.