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
2…read more

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OCRGCSEEconomicsUnitA593Notes
evaluatesuchfactorsas:
· poorinfrastructure
· pooreducationandtraining
· healthandpopulationproblems
· debt
· weakgovernmentandcorruption
· lowinwardinvestment
· lackofforeigncurrency
evaluatefactorssuchas:
· aid
· trade
· debtrelief
· investment
· helpwithinvestmentinhumancapital
· fairtradeschemes
· non-governmentorganisations
3…read more

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