TERM THREE Specification Week Specification Amplification Further guidance notes Content 28 Trade Understand the advantages and Mainly revision: Look at the reasons for trade, including detailed (continued) disadvantages of international trade from analysis of comparative and absolute advantage. Explain with Advantages the point of view of the economy as a arithmetic illustration the concepts of comparative and absolute and whole and for households, firms and advantage and their limitations; a two country, two product model is disadvantages government. required using a numerical and graphical approach. of free trade Protectionism Understand the arguments for and against Then look at the problems with free trade and the main forms of the implementation of protectionist protectionism. Tariffs, quotas, export restraints, non-tariff barriers. policies. Look at the role of the WTO in trying to reduce protectionist barriers. Explain and illustrate key methods of protectionism. 29 Globalisation Evaluate the costs and benefits of Discuss what is meant by globalisation and the positive and negative and Trade in globalization. effects it has had on the UK (might include: FDI, downward pressure the UK on inflation in the short run increased growth, but now growing Identify the UK’s export sectors. pressure on resource prices as China grows, short run job losses and so on). Learners should gain an understanding of the impact of globalisation on the UK economy through an appreciation of its interdependence Evaluate the extent to which an with other economies, linking well with discussions on UK’s main increasingly integrated world economy is trading partners. beneficial to the UK.
TERM THREE Week Specification Content Specification Amplification Further guidance notes 28 Trade (continued) Advantages and disadvantages of free trade Understand the advantages and disadvantages of international trade from the point of view of the economy as a whole and for households, firms and government. Mainly revision: Look at the reasons for trade, including detailed analysis of comparative and absolute advantage. Explain with arithmetic illustration the concepts of comparative and absolute advantage and their limitations; a two country, two product model is required using a numerical and graphical approach. Protectionism Understand the arguments for and against the implementation of protectionist policies. Explain and illustrate key methods of protectionism. Then look at the problems with free trade and the main forms of protectionism. Tariffs, quotas, export restraints, non-tariff barriers. Look at the role of the WTO in trying to reduce protectionist barriers. 29 Globalisation and Trade in the UK Evaluate the costs and benefits of globalization. Identify the UK’s export sectors. Evaluate the extent to which an increasingly integrated world economy is beneficial to the UK. Discuss what is meant by globalisation and the positive and negative effects it has had on the UK (might include: FDI, downward pressure on inflation in the short run increased growth, but now growing pressure on resource prices as China grows, short run job losses and so on). Learners should gain an understanding of the impact of globalisation on the UK economy through an appreciation of its interdependence with other economies, linking well with discussions on UK’s main trading partners.
Eduqas%20Economics%20Course%20Outline%20(from%20September%202015).docx