INTERNATIONAL ECONOMICS (H2 ONLY)

Abstract

The following sections are included:GlobalisationEffects of globalisationBenefits of globalisationCosts of globalisationAnnex 7.1 Equalisation of wages of similar jobs between countriesInternational Trade and Free TradeInternational tradeTrade patternsFree tradeProtectionismTariffsQuotasOther protectionism measuresArguments for protectionismArguments against protectionismAnnex 7.2 Impact of tariffs in an economy’s balance of payments positionTrade Agreements and Economic IntegrationVarious forms of trade agreementsImpact of trade agreements and economic integration for member countriesAnnex 7.3 Trade creationAnnex 7.4 Trade diversion