1.1.1 The goods and Services the UK buys from other countries
1.2.1 The goods and services that the UK
sells to buyers in foreign countries
184.108.40.206 Jaguar Cars
1.3 Balance Of Payments
1.3.1 the difference between the value
of all exports and imports
1.3.2 UK tends to import more goods than
export (opposite with services)
220.127.116.11 More Jobs
Because Exports increase production and therefore more jobs available.
18.104.22.168 Higher Economic Growth
Because exports earn money and higher productivity increases economic growth.
22.214.171.124 More Choice
UK customers can choose from goods that are otherwise not available in the UK.
126.96.36.199 Cheaper Prices
Many of the goods are imported from places such as India or China. These countries have a lower minimum wage therefore cheaper labour. This means the good is produced for cheaper and can be sold for cheaper.
188.8.131.52 Increased Competition
All companies have to work harder to attract consumers. Therefore they try to lower their prices and develop more attractive and better goods.
184.108.40.206 Raw Materials
The Uk Is quite poor in raw materials therefore the UK can get this via imports. Such as metals, gems and energy.
220.127.116.11 Increased Competition
Though it can benefit consumers with cheaper prices. UK firms may find it difficult to compete because ewe have higher labour costs than some countries. People could be out of work in the UK.
18.104.22.168 Economic Dependancy
For Example, the Uk imports a vast amount of food, a disruption to this might threaten our survival.
22.214.171.124 Power of MNCs
Multinational Corporations (MNCs) are becoming very powerful. All governments are finding it harder to control MNCs.
1.5 Environmental Impact
1.5.1 Increases CO2 emissions
126.96.36.199 Because of Transport
2 Exchange Rates
2.1 Effect on Exports
2.1.1 Many goods and
services that the
UK exports cost
less in euros.
188.8.131.52 Will make them more
attractive to European
184.108.40.206 Travel to the UK will
be cheaper, meaning
Which will help to increase UK exports, jobs, income and growth.
2.2 Effects on Imports
2.2.1 The weak sterling causes imports to be more expensive
This effects the consumers and the businesses.
220.127.116.11 Farmers happy because
imported foods become
more expensive so some
turn to UK farmers.