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By:
Verity Russell
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Decks in this class (185)
Th4.1: Globalisation Characteristics
What does globalisation refer to,
What can it also be defined as,
There is movement towards
5
cards
Th4.1: Factors Contributing to Globalisation
What are the five factors contrib...,
Improvements in transport infrast...,
Improvements in it and communiation
6
cards
Th4.1: Impacts of Globalisation on Consumers
What are the four impacts on cons...,
Choice,
Lower prices
5
cards
Th4.1: Impacts of Globalisation on Workers
What are the six impacts of globa...,
Some people have gained whilst ot...,
Increased migration
7
cards
Th4.1: Impacts of Globalisation on Producers
What are the three impacts of glo...,
Reduces risk,
Exploit comparative advantage
4
cards
Th4.1: Impacts of Globalisation on Government
What are the three impacts of glo...,
Higher taxes tax avoidance,
Bride and lobby
4
cards
Th4.1: Impacts of Globalisation on Environment
What are the three impacts of glo...,
Increased demand for raw materials,
More emissions
4
cards
Th4.1: Impacts of Globalisation on Economic Growth
What are the five impacts of glob...,
Increased investment,
World class management techniques...
6
cards
Th4.1: Absolute and Comparative Advantage
What does the theory of comparati...,
If they are the same,
When does absolute advantage exist
4
cards
Th4.1: Numerical Example One
Refer to pplook at graph 10 who h...,
Refer to pplook at graph 10 what ...,
Refer to pplook at graph 10 what ...
3
cards
Th4.1: Numerical Example Two
Refer to pplook at graph 11 who h...,
Refer to pplook at graph 11 who h...,
What should spain put most effort...
4
cards
Th4.1: Numerical Example Three
What is this another example of,
Who has an absolute advantage in ...,
What should the uk specialise in
5
cards
Th4.1: Diagrammatic Approach One
Refer to pplook at graph 13 which...,
Refer to pplook at graph 1 howeve...
2
cards
Th4.1: Diagrammatic Approach Two
Refer to pplook at graph 14 which...,
Refer to pplook at graph 14 why i...,
Refer to pplook at graph 14 this ...
5
cards
Th4.1: Diagrammatic Approach Three
Refer to pplook at graph 15 what ...,
Refer to pplook at graph 15 which...,
Refer to pplook at graph 15 what ...
5
cards
Th4.1: Assumptions and Limitations of this Theory
What does comparative advantage a...,
What does it also assume about costs,
In the model goods are assumed to be
6
cards
Th4.1: Advantages of Specialisation and Trade
How many advantages of specialisa...,
World output can be increased,
Economies of scale
8
cards
Th4.1: Disadvantages of Specialisation and Trade
What are the five advantages of s...,
Over dependance,
Structural unemployment
6
cards
Th4.1: Factors Influencing Pattern of Trade - Comparative Advantage
When will countries trade,
What will a change in the compara...,
Why has there been a recent growt...
6
cards
Th4.1: Factors Influencing Pattern of Trade - Emerging Economies
Countries grow at different rates...,
How do emerging economies shift t...,
International trade is arguably m...
4
cards
Th4.1: Factors Influencing Pattern of Trade - Trading Blocs and Bilateral Trading Agreements
What do these do
1
cards
Th4.1: Factors Influencing Pattern of Trade - Relative Exchange Rates
What does the exchange rate affect,
Prices are an important factor in...
2
cards
Th4.1: Terms of Trade
Measured in the form of,
Formula,
What do the terms of trade measure
6
cards
Th4.1: Factors Influencing a Country's Terms of Trade
What are the five factors influen...,
Rise in export fall in import,
Exchange rates inflation and chan...
6
cards
Th4.1: Impacts of Changes
What are the three impacts of cha...,
Balance of payments elastic,
Balance of payment inelastic
9
cards
Th4.1: Types of Trading Blocs
What is a regional trading bloc,
Most regional trade agreements ta...,
Some agreements between three or ...
8
cards
Th4.1: ^^ Common Markets
Common markets,
What do common markets impose on ...,
For a common market to be successful
4
cards
Th4.1: ^^^ Monetary Unions
What are monetary unions,
What is an example of a monetary ...,
Why are monetary unions good
6
cards
Th4.1: Trading Blocs - Advantages
What are the six advantages,
Specialisation,
Large customer market
7
cards
Th4.1: Trading Blocs - Disadvantages
What are the first five disadvant...,
What are the final five disadvant...,
Distort world trade
11
cards
Th4.1: Trade Creation and Diversion
What will the costs and benefits ...,
What is trade creation,
What is trade diversion
14
cards
Th4.1: Role of the WTO
What are the two mains aims of th...,
What can a country or group do it...,
What happens if the country rejec...
5
cards
Th4.1: Possible Conflicts with the WTO
What are the four possible confli...,
Contradicts wto s principles,
Cp what can be seen as violating ...
7
cards
Th4.1: Reasons for Restrictions
What are the six reasons for rest...,
What are the first three reasons ...,
What are the final three reasons ...
3
cards
Th4.1: Infant Industry Argument
What is an infant industry,
Why will infant industries ac be ...,
Therefore the industry would be u...
5
cards
Th4.1: Job Protection
Governments may be concerned that...,
Why would this be bad
2
cards
Th4.1: Protection from Potential Dumping
What is dumping,
Why might the government need to ...
2
cards
Th4.1: Protection from Unfair Competition
Different producers in different ...,
Why may domestic firms be unable ...,
Some argue the government should ...
3
cards
Th4.1: Terms of Trade
What will happen if a country buy...,
This will worsen the terms of tra...,
How will restrictions improve the...
3
cards
Th4.1: Danger of Over Specialisation
Why is it good to introduce prote...
1
cards
Th4.1: Types of Restrictions
What are the four types of restri...
1
cards
Th4.1: ^^^ Tariffs
What are tariffs,
Refer to pplook at graph 17 why i...,
Refer to pplook at graph 17 what ...
10
cards
Th4.1: ^^^ Quotas
What are quotas,
Like tariffs a diagram can,
Refer to pplook at graph 17 the g...
5
cards
Th4.1: ^^^ Subsidies to Domestic Producers
What are subsidies to domestic pr...,
What are some reasons that these ...,
Subsidies also may be given to do...
3
cards
Th4.1: ^^^ Non-tariff Barriers
Countries can introduce an embarg...,
They can introduce import licensi...,
What does the use of legal and te...
5
cards
Th4.1: Impact of Protectionist Policies on Consumers
Why are there higher prices for c...,
Why does it tend to raise the pri...,
Moreover they suffer from
3
cards
Th4.1: Th4.1: Impact of Protectionist Policies on Producers
Why do domestic producers tend to...,
However what may they suffer from,
Why will foreign producers lose out
4
cards
Th4.1: Impact of Protectionist Policies on Workers
Evidence suggests that there is,
How would allowing inefficient fi...,
Would would the market do
3
cards
Th4.1: Impact of Protectionist Policies on Governments
How do governments benefit from p...,
However what can this lead to
2
cards
Th4.1: Impact of Protectionist Policies on Living Standards
As the tariff diagram shows the i...,
Why does it also cause trade wars
2
cards
Th4.1: Impact of Protectionist Policies on Equity
What kind of effect does it have ...
1
cards
Th4.1: Info
Recently there has been a rise of...,
What did the financial crisis and...,
Why have countries found it diffi...
3
cards
Th4.1: Balance of Payments
What are the components of the ba...,
What does the balance of payments...,
If there is a recorded deficit or...
3
cards
Th4.1: ^^ The Current Account
The current account itself is spl...
1
cards
Th4.1: ^^ The Capital and Financial Accounts
Why is the capital account relati...,
The financial account is more imp...,
What is foreign direct investment
5
cards
Th4.1: Causes of Deficits and Surpluses
A country can run a deficit on th...
1
cards
Th4.1: Short Term Causes - Deficits and Surpluses
What can deficits and surpluses b...,
If real household spending grows ...,
What do high incomes in a country...
12
cards
Th4.1: Medium Term Causes - Deficits and Surpluses
What happens as a country loses i...,
Similarly what has caused a subst...
2
cards
Th4.1: Long Term Causes - Deficits and Surpluses
Much of the uk s trade deficit is...,
What will a lack of capital inves...,
What has deindustrialisation in t...
7
cards
Th4.1: Reducing Imbalance
What are the two main causes of d...,
This means there are two ways to ...,
What else can be used
3
cards
Th4.1: Demand Side Policies
What can be used to reduce ad,
This reduces income and so,
Why should it be effective
4
cards
Th4.1: Supply Side Policies
What will they want to improve,
What measures could they use to i...,
What can they seek and encourage ...
6
cards
Th4.1: Expenditure Switching Policies
What will tariffs or quotas do to...,
How are tariffs and quotas likely...,
Why are these protectionist polic...
10
cards
irrelevant Th4.1: Significance of Global Trade Imbalances
Some argue that a current account...,
How did the financial crisis of 2...,
Concerns about global imbalances ...
9
cards
Th4.1: Exchange Rates
What is an exchange rate,
What are four various ways exchan...,
Spot exchange rate
6
cards
Th4.1: Exchange Rate Systems
What are the three types of excha...
1
cards
Th4.1: ^^ Free Floating System
What is a free floating system,
What two things affect the exchan...,
True or false most systems are fl...
7
cards
Th4.1: ^^ Managed Floating
What is managed floating,
How is this done,
What is an adjustable peg system
4
cards
Th4.1: ^^ Fixed System
What is a fixed system,
Why might the country decide to d...,
What is one example of a fixed sy...
6
cards
Th4.1: Changes in the Currency
What is an appreciation of the cu...,
What is a depreciation of a currency,
What is a revaluation of the curr...
4
cards
Th4.1: Factors Affecting Floating Exchange Rates
What are floating exchange rates ...,
What is the demand for pounds det...,
What is the supply of pounds dete...
7
cards
Th4.1: Government Intervention
What are the two main methods the...,
What can a government use interes...,
What will an increase in interest...
8
cards
Th4.1: Competitive Devaluation/Depreciation
What is competitive devaluation d...,
What will a weaker currency encou...,
What is the problem with this
4
cards
Th4.1: Impacts of Changes in Exchange Rates
What are the four possible impact...,
Economic growth and unemployment,
Rate of inflation
5
cards
Th4.1: ^^^ Current Account of Balance of Payments
What does the marshall lerner con...,
Refer to pplook at graph 19 what ...,
Why is this
6
cards
Th4.1: International Competitiveness
The lower the level of internatio...,
What do goods need to be in order...,
What are the two measures of inte...
3
cards
Th4.1: Measures of International Competitiveness
What are the two measures of inte...,
Relative unit labour costs,
What are relative unit labour cos...
6
cards
Th4.1: Factors Influencing International Competitiveness
What are the first six factors in...,
What are the final five factors i...,
Exchange rates
13
cards
Th4.1: Benefits of Competitiveness
What are the four benefits of com...,
Current account surpluses,
Foreign investment
5
cards
Th4.1: Problems with Competitiveness
However the problem with being in...,
How can developing countries lose...,
What may a current account surplu...
5
cards
Th4.2: Absolute Poverty
What is absolute poverty,
Who do the world bank define as l...,
Why does economic development ten...
3
cards
Th4.2: Relative Poverty
What is relative poverty about,
Someone is said to be in relative...,
In britain what is relative pover...
6
cards
Th4.1: Causes of Changes
What is poverty caused by,
When does absolute poverty tend t...,
What are the two main causes of g...
9
cards
Th4.1: Wealth and Income Inequality
What is income,
What is wealth,
What does income inequality refer to
5
cards
Th4.1: Measurements of Income Inequality
Information on distribution of we...,
Refer to pplook at graph 20 what ...,
Refer to pplook at graph 20 what ...
8
cards
Th4.1: Causes of Wealth and Income Inequality Within Countries
What are the four causes of wealt...
1
cards
Th4.1: ^^ Wages
Why do some workers simply earn m...,
Those who aren t in work will hav...,
Moreover the higher the level of ...
4
cards
Th4.2: ^^ Wealth Levels
Someone who already has a high le...,
Moreover high levels of wealth me...,
Inheritance often allows
3
cards
Th4.2: ^^ Chance
Who will see a huge increase in t...,
People may be lucky to,
Those who chose the right sight o...
3
cards
Th4.2: ^^ Age
Who will earn a higher income tha...,
Those who are older will have had...
2
cards
Th4.2: Causes of Wealth and Income Inequality Between Countries
Countries can be held back by mul...,
What may have happened to certain...,
Who do developed countries tend t...
3
cards
Th4.2: Impact of Economic Change and Development
What does the kuznets hypothesis ...,
Then how does inequality fall,
Who discredited this theory
4
cards
Th4.2: Significance of Capitalism
Why does a capitalist economy lea...,
Why can wages vary,
Wealth can be passed on or gained...
5
cards
Th4.3: Human Development Index
What is hdi,
What kind of index is it,
What three factors is the index b...
8
cards
Th4.3: HDI Adavantages
What are the two advantages of hdi,
Three key factors,
Relatively easy to calculate
3
cards
Th4.3: HDI Disadvantages
What are the three disadvantages ...,
Issues with the figures,
Equality of income
5
cards
Th4.3: Other Indicators
Why can hdi not be expected to be...,
What are the three other types of...
2
cards
Th4.3: ^^ Inequality-adjusted HDI
How is inequality adjusted hdi di...,
What does the atkinson index adjust,
What are the benefits and disadva...
3
cards
Th4.3: ^^ Multidimensional Poverty Index
What does mpi measure,
What is the benefit of mpi,
What are the disadvantages of mpi
4
cards
Th4.3: ^^ The Genuine Progress Indicator
How is the genuine progress indic...,
What does it aim to look at,
What does the economic category l...
8
cards
Th4.3: Factors Influencing Growth and Development
What are all the economic factors...,
What are the second lot of four f...,
What are the final three factors ...
4
cards
Th4.3: ^^ Primary Product Dependency
What do primary products include,
What kind of country mainly relie...,
Why can this be bad
10
cards
Th4.3: ^^ Volatility of Commodity Prices
Primary products tend to have ine...,
What do these large changes in pr...,
When prices of commodities rise f...
3
cards
Th4.3: ^^ Savings Gap
Why do developing countries save ...,
What is a savings gap,
What does the harrod domar model ...
4
cards
Th4.3: ^^ Foreign Currency Gap
What is a foreign currency gap
1
cards
Th4.3: ^^ Capital Flight
What is capital flight,
If money was placed in banks with...,
Why can capital flight occur
4
cards
Th4.3: ^^ Demographic Factors
Which countries tend to have high...,
The high population is caused by ...,
What does this place strain on
4
cards
Th4.3: ^^ Debt
During the 1970s 80 s developing ...,
What does this interest repayment...,
What does this debt do to develop...
4
cards
Th4.3: ^^ Access to Credit and Banking
What do developing countries have...,
What does developing countries li...,
What may some families use
3
cards
Th4.3: ^^ Infrastructure
What does poor education within t...,
However what is there debate abou...
2
cards
Th4.3: ^^ Infrastructure
What do low levels of infrastruct...,
However what are the problems wit...
2
cards
Th4.3: ^^ Absence of Property Rights
What are property rights,
What does a lack of property righ...,
What did the loss of property rig...
3
cards
Th4.3: ^^ Non-Economic Factors
What are the four non economic fa...,
Many developing countries suffer ...,
What is often linked with corruption
6
cards
Th4.3: Strategies Influencing Growth and Development
What are the three strategies inf...
1
cards
Th4.3: Market-Oriented Strategies
What are the first three types of...,
What are the final three types of...
2
cards
Th4.3: MOS - Trade Liberalisation
What can countries aim for,
What will removing trade barriers do,
Where will resources be allocated to
4
cards
Th4.3: MOS - Promotion of FDI
What is fdi,
What does fdi include,
Why do firms tend to undertake fdi
7
cards
Th4.3: MOS - Removal of Government Subsidies
What items are subsidies placed o...,
How are subsidies good,
What are the five problems with s...
8
cards
Th4.3: MOS - Floating Exchange Rate Systems
What determines currency in these...,
What does the country not have to...,
What are problems with floating e...
3
cards
Th4.3: MOS - Microfinance Schemes
What do these schemes aim to do,
What are they used to do,
What is some information about mi...
6
cards
Th4.3: MOS - Privatisation
How can privatisation benefit firms,
How can privatisation benefit gov...,
What are the two disadvantages of...
5
cards
Th4.3: Interventionist Strategies
What are the first three interven...,
What are the final three interven...
2
cards
Th4.3: IS - Development of Human Capital
What would development of human c...,
What happens when there are skill...,
How could human capital be developed
5
cards
Th4.3: IS - Protectionism
What does protectionism do,
They can use a policy of import s...,
What will this do in the short ru...
4
cards
Th4.3: IS - Managed Exchange Rates
What could the currency be fixed ...,
They could introduce high exchang...,
What would a high exchange rate f...
6
cards
Th4.3: IS - Infrastructure Development
What do interventionists believe,
What does infrastructure tend to ...,
What are some problems with infra...
4
cards
Th4.3: IS - Promoting Joint Ventures with Global Companies
What would setting up a joint ven...,
Why might the government insist f...
2
cards
Th4.3: IS - Buffer Stock Schemes
What are buffer stock schemes,
As a result buffer stock schemes ...,
What it is used on
9
cards
Th4.3: Other Strategies
What are the first three other st...,
What are the final three other st...
2
cards
Th4.3: OS - Industrialisation
What does the lewis model assume,
What is suggested would happen th...,
Lewis believed that labour produc...
11
cards
Th4.3: OS - Development of Tourism
Some countries decided to take ad...,
What does the income elastic natu...,
What do tourists represent
11
cards
Th4.3: OS - Development of Primary Industries
What does the development of a pr...,
However what are the problems wit...,
What can the government therefore...
3
cards
Th4.3: OS - Fairtrade Schemes
What is fairtrade defined as,
What are the key principals that ...,
What does a fair price typically ...
8
cards
Th4.3: OS - Aid
What is aid,
What are the different types of aid,
What are the benefits of aid
10
cards
Th4.3: OS - Debt Relief
How do many countries suffer from...,
What are the benefits of debt relief,
What are the issues with debt relief
3
cards
Th4.3: The World Bank
What does the world bank aim to do,
What is the world bank made up of,
What do the ibrd and ida do
7
cards
Th4.3: International Monetary Fund (IMF)
What is the goal of the internati...,
How does the imf do this,
When providing loans the imf insi...
6
cards
Th4.3: NGOs
What are ngos,
What can ngos provide,
What can ngos act as
5
cards
Th4.4: Role of Financial Markets
What are financial markets,
What are the two main reasons fin...,
What are the three types of finan...
5
cards
Th4.4: Role of the Financial Market
What are the five roles of the fi...,
Facilitate savings,
Lend to businesses and individuals
6
cards
Th4.4: Market Failure in the Financial Sector
What combination means financial ...,
What are five examples of market ...
2
cards
Th4.4: ^^ Asymmetric Information
One problem with the financial se...,
This means financial markets can,
What is an example of this
4
cards
Th4.4: ^^ Externalities
There are a number of costs place...,
What is an example of this,
What else shows some external costs
3
cards
Th4.4: ^^ Moral Hazard
What is a moral hazard,
It will occur when individual wor...,
How was the global financial cris...
5
cards
Th4.4: ^^ Speculation and Market Bubbles
Almost all trading in financial m...,
Why do market bubbles tend to occur,
How has the financial market caus...
6
cards
Th4.4: ^^ Market Rigging
What is market rigging,
What are the two examples of mark...,
One example of this is insider tr...
4
cards
Th4.4: Role of the Central Bank
How does the central bank control...,
What does it act as to the govern...,
Act as bank to other banks
7
cards
Th4.4: Financial Regulation
What can regulation include,
What are the three key bodies for...,
Fpc
5
cards
Th4.5: Public Expenditure
The government spends money to co...,
Moreover how do the government ai...,
How can government spending corre...
3
cards
Th4.5: Types of Expenditure
What are the four types of expend...,
Capital government expenditure,
General government final consumption
8
cards
Th4.5: Composition and Size of Public Expenditure
In most mixed and free economies ...,
Why is this,
Moreover citizens in higher incom...
6
cards
Th4.5: Impacts of Government Spending
What are the five impacts of gove...
1
cards
Th4.5: ^^ Productivity and Growth
What do free market economists th...,
What is the government able to en...,
What three things can they spend ...
4
cards
Th4.5: ^^ Living Standards
How can the government improve so...,
How does the government reduce po...,
How can the government negatively...
4
cards
Th4.5: ^^ Crowding Out
In order to spend money above the...,
However the amount of money in th...,
On top of this what does the limi...
7
cards
Th4.5: ^^ Level of Taxation
In most cases where government sp...,
What kind of effect may high leve...,
What tends to be an exception and...
3
cards
Th4.5: ^^ Equality
Why should spending increase equa...
1
cards
Th4.5: Progressive, Proportional and Regressive Taxes
What is tax used for,
What can tax be used to do,
What is progressive tax
7
cards
Th4.5: Impacts of Tax Changes
What are the first 4 impacts of t...,
What are the final 3 impacts of t...
2
cards
Th4.5: ^^ Incentives to Work
It is argued that high marginal r...,
Free market economists argue,
What could high taxes on high inc...
7
cards
Th4.5: ^^ Tax Revenues
Refer to pplook at graph 21 what ...,
Refer to pplook at graph 21 what ...,
If people were taxed at 100 what ...
7
cards
Th4.5: ^^ Income Distribution
What will a progressive tax syste...,
What will a regressive tax system do,
Why will a move from indirect to ...
6
cards
Th4.5: ^^ Real Output and Employment
What will a rise in direct taxes do,
The effect this has on output wil...,
On top of this what will decrease...
5
cards
Th4.5: ^^ Price Level
What can taxes impact,
What can indirect taxes often cause
2
cards
Th4.5: ^^ Trade Balance
What will a rise in taxes do,
Imports in the uk have been found...,
As a result the trade balance wil...
4
cards
Th4.5: ^^ FDI Flows
Low taxes on profit and investmen...,
What is the problem with this
2
cards
Th4.5: Automatic Stabilisers and Discretionary Fiscal Policy
What are automatic stablisers,
What affect do benefits have in a...,
What affect does tax have during ...
7
cards
Th4.5: Fiscal Deficit and the National Debt
What is the national debt,
What is the fiscal deficit,
What is the public sector net cas...
3
cards
Th4.5: Distinction Between Structural and Cyclical Deficits
What is a cyclical deficit,
When the economy is in a recession,
At the peak of the boom there is no
9
cards
Th4.5: Factors Influencing the Size of Fiscal Deficits
What is one major factor that inf...,
What are the final 3 factors infl...,
Trade cycle
9
cards
Th4.5: Factors Influencing the Size of National Debts
If the government is continuously...,
There is a consensus view that,
It is only when the government ru...
4
cards
Th4.5: The Significance of Fiscal and National Debts
0
cards
Th4.5: Use of Policies
What policies can governments use,
What do direct controls include
2
cards
Th4.5: Reduce Fiscal Deficits and National Debts
What has the uk been doing to dec...,
What are the problems with the uk...,
What do free market economists sa...
6
cards
UNFINISHED Th4.5: Reducing Poverty and Inequality
Free market forces are unlikely t...,
What do most agree about redistri...,
What do those on the right argue
7
cards
Th4.5: Changes in Interest Rate and Supply of Money
What is an example of a domestic ...,
What is an example of a global re...,
What is a fall in the bank rate l...
7
cards
Th4.5: International Competitiveness
How can the government improve in...,
How are supply side measures good,
What else may be used
4
cards
Th4.5: External Shocks
Why are the world s economies inc...,
What could the government use exp...,
What could the government use def...
6
cards
Th4.5: Transnational Companies
What are the benefits of tncs,
What negative economic and social...,
What kind of history do tncs have...
5
cards
Th4.5: Regulation of Transfer Pricing
Transfer pricing is one way for f...,
This can occur if a firm,
If taxes are higher in the first ...
5
cards
Th4.5: Ability to Control Global Companies
What is hard about tncs,
Why are solutions to taxation ext...,
However any solution which would ...
5
cards
Th4.5: Problems Facing Policy Makers
What are the three problems facin...,
Inaccurate information,
Ii why is it hard to cut down on
9
cards
International Competitiveness - Knowledge
What are the 8 state policies whi...,
How to remember,
What are the first four state pol...
4
cards
International Competitiveness - Application
Protectionism,
Competitive devaluation,
Investment in infrastructure
8
cards
International Competitiveness - Analysis
Protectionism,
Competitive devaluation,
Investment in infrastructure
8
cards
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A Level Eco - Macro 2
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