What this topic covers
International trade and the global economy has 4 subtopics:
- Importance of international trade
- Balance of payments
- Exchange rates
- Globalisation
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GCSE OCR Economics · Topic 4 of 4
International trade and the global economy – GCSE OCR Economics revision notes
Choose a subtopic. International trade and the global economy covers Importance of international trade, Balance of payments, Exchange rates, and Globalisation in GCSE OCR Economics. 13 lessons in 4 subtopics.
Revise International trade and the global economy for GCSE OCR Economics, including Importance of international trade. 13 lessons across 4 subtopics.
13
Lessons
4
Subtopics
International trade and the global economy lessons by subtopic
13 lessons, grouped by subtopic.
Importance of international trade
- Why Countries Trade: Explain why countries trade rather than being self-sufficient; Describe the importance of international trade to economies including the UK; Outline the concept of comparative advantage as a basis for trade
- UK Trade: Imports, Exports and Global Interdependence: Identify the main types of goods and services the UK exports; Identify the main types of goods and services the UK imports; Describe the UK's main trading partners and explain why they are important
- Understanding Free Trade
- Free Trade and the EU
Balance of payments
Exchange rates
Globalisation
- What is Globalisation?: Define globalisation and explain its meaning as the increasing interconnection of the world's economies; Identify and describe the main features of globalisation including international trade, MNCs, movement of people, capital flows and technology; Explain the factors that have contributed to the growth of globalisation such as new technology, MNCs and reduced trade barriers
- Globalisation: Benefits and Drawbacks for the UK: Explain the benefits of globalisation to UK producers, workers and consumers; Explain the drawbacks of globalisation to UK producers, workers and consumers; Analyse how globalisation creates both winners and losers in the UK economy
- Globalisation: Impact on Developing Countries: Explain the benefits of globalisation to producers, workers and consumers in less developed countries; Analyse the drawbacks of globalisation for producers, workers and consumers in less developed countries; Evaluate the overall impact of multinational corporations (MNCs) on developing economies
- Ethics, Sustainability and Global Trade: Explain the moral and ethical considerations when UK producers trade with other countries; Evaluate whether UK firms should trade with countries that have poor labour standards; Analyse the environmental sustainability issues associated with global supply chains
- Measuring Development: Explain how development is measured using GDP per capita, life expectancy, access to healthcare, technology and education; Evaluate the limitations of GDP per capita as a measure of development; Explain why multiple indicators give a more accurate picture of development than GDP alone
More in this course
Go back to the full GCSE OCR Economics topic list, or practise this topic with past-paper questions.
Frequently asked questions
What is International trade and the global economy?
International trade and the global economy covers Importance of international trade, Balance of payments, Exchange rates, and Globalisation in GCSE OCR Economics. 13 lessons in 4 subtopics.
What is the UK's GDP per capita?
The UK's GDP per capita is about 48,900 US dollars, compared with 80,000 in the USA and 52,800 in Germany. The Measuring Development notes cover this in full.
What is globalisation?
Globalisation is the increasing interconnection of the world's economies through the growth of international trade, the operations of multinational companies, the movement of people, the flow of capital and the spread of technology. The What is Globalisation? notes cover this in full.
What is Fairtrade?
Fair Trade is a trading system that guarantees producers in developing countries a minimum price for their goods, plus a premium invested in community projects such as schools, clean water and healthcare. The Ethics, Sustainability and Global Trade notes cover this in full.
What are remittances?
Remittances are earnings that people working abroad send home to their own country. The What is Globalisation? notes cover this in full.
How many countries are in the EU?
The EU has 27 member states and over 440 million consumers. The Free Trade and the EU notes cover this in full.
What is protectionism?
Protectionism is when governments use tariffs, quotas or subsidies to shield domestic producers from foreign competition. The Understanding Free Trade notes cover this in full.
What is GDP per capita?
GDP per capita is the total Gross Domestic Product, the value of all goods and services produced in a country in one year, divided by the country's population. The Measuring Development notes cover this in full.
What is the Human Development Index?
The Human Development Index (HDI) is a composite index that combines GDP per capita, life expectancy and education into a single score. The Measuring Development notes cover this in full.