International Aspects

International aspects

Candidates should be able to:

  • describe the benefits and disadvantages of specialisation at regional and national levels
  • describe the structure of the current account of the balance of payments
  • discuss the causes and consequences of current account deficits and surpluses
  • define exchange rates
  • discuss the causes and consequences of exchange rate fluctuations
  • describe methods of trade protection
  • discuss the merits of free trade and protection
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