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International Trade and Payments
Reasons for international trade Absolute advantage – for example, different climates, different resources. Comparative advantage.
Benefits of international trade to countries and consumers.
Barriers to trade, for example, tariffs, quotas. Reasons for barriers to trade.
Current balance Components: exports, imports, goods, services, transfers, interest, profits, dividends.
Distinction between flows of goods and services and the consequent money flows.
Balance of Trade in goods and services.
Balance on Current Account.
Patterns of UK trade Composition of trade, main trading partners, for example, European Union, USA.
Exchange rates The price of one currency in terms of another.
Demand for £ sterling from foreign currency buyers of UK goods and services.
The supply of £ sterling from UK buyers of foreign goods and services.
Effects of changes in exchange rate on UK citizens travelling abroad, on foreign visitors to the UK, and on prices of exports and imports.
The international economic environment
European Union Main economic features of EU: for example, single market, social chapter, Common Agricultural Policy.
Developing countries Characteristics: for example, dependence on primary production, low levels of GNP and productivity, poor infrastructure, fluctuations in export earnings.
Newly industrialised countries Forms of aid to developing countries
Characteristics: for example, high growth rates, rapid industrialisation, concentration on exports.

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