Year 12 Economics Revision

Topic 1
Definitions:
Global economy
Globalisation
GWP
TNC
WTO

Tariffs
Subsidies
Local content
OECD
NAFTA

Doha Round
EiG
GNI
PPP
HDI

CERTA

HIE

IMF
OECD
Merger

Direction of trade
FOREX
Speculators
Financial flows
International
Business Cycle
Comparative
advantage
Opportunity cost
Free Trade
Infant Industry

EU
Bilateral
Multilateral

Composition of trade

Quotas

APEC

LDC
BRICs
Washington
Consensus
Economic
Convergence

FDI

Chapter 1:

Definition of globalisation ( changes in the global economy)

Economic indicators trade, finance, investment, labour, technology
Recent trends- last 20 years
International Business Cycle- global financial crisis
global
recession

Discuss the impact of globalisation on the international business cycle

Chapter 2:
Advantages and disadvantages of free trade (is there any hope)
Methods of protection- tariffs, quotas, subsidies, Local content rules,
embargo
Trade agreements- multilateral (WTO) , regional (EU),
bilateral(CERTA)
Free Trade vs Fair Trade NAFTA and EU as trading blocs (not the
good guys)
International Organisations- WTO ( Doha) , IMF, World Bank (can
they help)
Discuss the arguments for and against protection.
Chapter 3:

Variations in living standards in the global economy (incomes,

growth, development)

Year 12 Economics Revision

HIEs, NIEs, Transition Economies, Developing Economies (hard to

define these days)
Causes of inequality in the global economy (who said Economics
was fair)
Impact of globalisation on the - growth, development, trade,
investment, TNCs, inequality, financial flows, environment,
international business cycle ( important)
Dont forget your case study- impact of globalisation + strategies for
development

Discuss the postive and negative impacts of globalisation.