OCR GCSE Economics Unit A593 Notes

Here you will find my notes on OCR GCSE Economics Unit A593 (Unit 3): The UK Economy and Globalisation. I have taken extracts from the specification of what we need to know and then made detailed notes underneath on what the specification is asking for.

I have also made a document like this for Unit A591: How the Market Works, Unit A592: How the Economy Works and AQA GCSE Computer Science.

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OCRGCSEEconomicsUnitA593Notes

explainwhatismeantbyglobalisation

evaluatethefactorsthathavecontributedtothegrowthofglobalisation,
includingtheimpactofnewtechnology

giveexamplesof,andexplainwhatismeantby,amultinationalcompany

evaluatetheroleofmultinationalcompaniesinglobalisation

understandthemeaningofspecialisation

understandandapplytheprinciplesofabsoluteadvantage(calculationsof
absoluteadvantagearenotrequired)

appreciatetheadvantagesoftradeandtheconsequencesofglobal
interdependence

explainthepossiblenegativeexternalitiesassociatedwithtrade,e.g.increased
pollution

explainwhatismeantbyfreetrade

evaluatetheargumentsforfreetrade

understandtheroleoftheWorldTradeOrganisationinpromotingfreetrade

explainwhatismeantbyanimportandanexport

identifytheUK'smainimportsandexportswiththeEUandtherestoftheworld

evaluatetheimpactofchangesintradingpatternsontheUKandtheEU

evaluatethepotentialimpactofChinaandIndiaonpatternsofworldtrade

understandthereasonsforprotection

identifythemethodsofprotection,suchastariffsandquotas

evaluatethemethodsofprotection

identifythemembercountriesoftheEUandtheEurozone

explainandevaluatetheadvantagesanddisadvantagesofthesinglemarket

explainandevaluatetheadvantagesanddisadvantagesofthesinglecurrency

identifythecomponentsofthecurrentaccount




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OCRGCSEEconomicsUnitA593Notes

calculatethebalanceoftradeingoods,thebalanceoftradeinservicesandthe
currentaccountbalance

explainwhatismeantbyabalanceofpaymentsdeficitandsurplus

understandthereasonsforabalanceofpaymentsdeficit

evaluatethemethodsofrectifyingabalanceofpaymentsdeficit

explainwhatismeantbyanexchangerate

understandandillustratehowexchangeratesaredeterminedthroughthe
interactionofdemandandsupply

understandhowexchangeratesmaybeinfluencedbyinterestrates

explainandevaluatetheimpactofchangesinexchangeratesontradeand
internationalcompetitiveness

appreciatetheimportanceofwagesandrelativeunitlabourcosts

understandtheimportanceoftheexchangerate

understandtheimportanceofproductivity

understandtheimportanceofothercosts

understandtheimportanceoflowinflation

understandtheimportanceofsustainableeconomicgrowth

understandtheimportanceofincentivesforinvestment

evaluatetheimportanceofinvestmentineducationandtraining

discussandevaluategovernmentpoliciesaimedatimprovingUKinternational
competitiveness

evaluatetheextenttowhichglobalisationhasbenefitedtheUK

explainabsolutepovertyandrelativepoverty

explainthedifferencebetweenabsoluteandrelativepoverty

discussandevaluatetheimpactofpoliciesaimedatreducingpoverty





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OCRGCSEEconomicsUnitA593Notes

evaluatesuchfactorsas:

· poorinfrastructure

· pooreducationandtraining

· healthandpopulationproblems

· debt

· weakgovernmentandcorruption

· lowinwardinvestment

· lackofforeigncurrency

evaluatefactorssuchas:

· aid

· trade

· debtrelief

· investment

· helpwithinvestmentinhumancapital

· fairtradeschemes

· non-governmentorganisations




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