GCSE Economics Unit 12 - Chapter 3

LauraMGlad
Mind Map by , created over 5 years ago

Mind Map on GCSE Economics Unit 12 - Chapter 3, created by LauraMGlad on 04/18/2014.

36
1
0
Tags No tags specified
LauraMGlad
Created by LauraMGlad over 5 years ago
atoms and elements
Danoa400
Chemistry GCSE
frimpongr
The Digestive system
Elena Cade
ALL module 5 vocab
Pamela Dentler
Flashcards for CPXP exam
Lydia Elliott, Ed.D
A2 Geography- Energy Security
sophielee0909
Fraction Vocabulary
Lynn Rathbun
Waves
kate.siena
Biology F212 - Biological molecules 1
scarlettcain97
Biology AS Level UNIT 1
Valentin Andrei
GCSE Economics Unit 12 - Chapter 3
1 Understanding International Trade
1.1 Imports
1.1.1 The goods and Services the UK buys from other countries
1.1.1.1 Volkswagen Cars
1.2 Exports
1.2.1 The goods and services that the UK sells to buyers in foreign countries
1.2.1.1 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)
1.4 Globablisation
1.4.1 Advantages
1.4.1.1 More Jobs

Annotations:

  • Because Exports increase production and therefore more jobs available.
1.4.1.2 Higher Economic Growth

Annotations:

  • Because exports earn money and higher productivity increases economic growth.
1.4.1.3 More Choice

Annotations:

  • UK customers can choose from goods that are otherwise not available in the UK.
1.4.1.4 Cheaper Prices

Annotations:

  • 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.
1.4.1.5 Increased Competition

Annotations:

  • All companies have to work harder to attract consumers. Therefore they try to lower their prices and develop more attractive and better goods.
1.4.1.6 Raw Materials

Annotations:

  • The Uk Is quite poor in raw materials therefore the UK can get this via imports. Such as metals, gems and energy.
1.4.2 Disadvantages
1.4.2.1 Increased Competition

Annotations:

  • 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.
1.4.2.2 Economic Dependancy

Annotations:

  • For Example, the Uk imports a vast amount of food, a disruption to this might threaten our survival.
1.4.2.3 Power of MNCs

Annotations:

  • 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
1.5.1.1 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.
2.1.1.1 Will make them more attractive to European buyers.
2.1.1.2 Travel to the UK will be cheaper, meaning increased tourism.

Annotations:

  • 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

Annotations:

  • This effects the consumers and the businesses.
2.2.1.1 Farmers happy because imported foods become more expensive so some turn to UK farmers.

Annotations:

  • This is the same with most goods and services.

Media attachments