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Topics covered in Unit 4- International trade and the global economy

4.1 Importance of international trade

  • explain why countries import and export goods and services and the benefits of this for consumers and producers
  • explain free trade agreements including the European Union 

4.2 Balance of payments

  • explain the balance of payments on current account
  • explain the meaning of a balanced current account, a current account surplus and current account deficit
  • calculate deficits and surpluses
  • analyse recent and historical data on exports and imports
  • evaluate the importance of the balance of payments on current account to the UK economy
  • evaluate the causes of surpluses and deficits of the balance of payments on current account

4.3 Exchange rates 

  • draw and analyse how exchange rates are determined through the interaction of supply and demand
  • calculate currency conversion
  • analyse recent and historical exchange rate data
  • evaluate the effect of changes in the exchange rate on consumers and producers

4.4 Globalisation

  • explain globalisation, including its driving factors
  • explain how development is measured, including GDP per capita, life expectancy, access to health care, technology and education
  • evaluate the costs and benefits of globalisation to producers, workers and consumers in developed countries, including the impact on economic, social and environmental sustainability
  • evaluate the costs and benefits of globalisation to producers, workers and consumers in less developed countries, including the impact on economic, social and environmental sustainability

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