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GCSE Economics 04 — The Global Economy

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Topics include Globalisation, Trade, Mnc, Balance Of Payments, Global Economy, Exchange Rates, Protectionism, and Policy.

Economics EN
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Globalisation

Key GCSE ideas and exam skills for globalisation: definitions, diagrams, calculations (if relevant), and common evaluation points.

Key points

  • Globalisation is increasing integration of markets, trade and production across countries.
  • Drivers include lower transport costs, ICT, trade liberalisation, and MNCs.
  • Benefits can include lower prices, more choice, and investment; costs include job losses and inequality.
  • Evaluate: short vs long run, different stakeholder groups, and environmental effects.

Worked example

Question

Give a short example that shows how globalisation affects an economic outcome.

Solution

State the key definition, describe the mechanism (what shifts/moves), and conclude with the predicted change (price/quantity/welfare) plus one evaluation point.

Common pitfalls

  • Confusing a movement along a curve with a shift of the curve.
  • Using an incorrect diagram (wrong labels, axes, or direction of shift).

Prerequisites

  • Basic economic problem (scarcity, choice, opportunity cost)
  • How to read simple supply-and-demand style graphs (axes, shifts vs movements)
Further resources