Economics To Revise

HideShow resource information

Credit Card // Specialisation

Credit Card:

  • Used in store & online
  • Can spend the banks money (more than you have)
  • Pay back in intervals
  • High APR
  • Credit limit


  • Workers become more skilled if focused on one task
  • Quicker & more effective
  • Lowers prices
  • Higher wages
  • Less flexible 
  • If one part is ruined, the entire product is ruined
  • May be boring
1 of 6

Importing/ Exporting


  • Money goes OUT of the UK
  • Necessity to import
  • We buy products from outside the UK (usually EU)
  • More choice for consumers
  • Lower prices
  • Not good for economy
  • We import: cars, food etc


  • Money comes IN to the UK
  • This is good for the economy
  • We usually export to the EU- no taxes
  • We import: cars, chemicals etc
  • Products are made in the UK
2 of 6

International Trade- Globalisation


  • More choice
  • More competition- Better quality, Lower prices
  • More raw materials
  • More jobs
  • GDP rises


  • UK firms may find it hard to compete
  • Bigger carbon footprint
  • More powerful MNCs
  • UK is dependant
  • Unstable prices

Social & environmental Issues:

  • Costs more to transport
  • More jobs in less developed countries
3 of 6

Calculating using exchange rates // Sustainability

   x exchange rate (changes often) = $ (other currency)

$ (other curency) -- exchange rate

Sustainability: Making sure whatever you take is replaced for the future

4 of 6

UK firms operating abroad // FDI


  • Cheaper labour
  • Closer to markets and/or materials
  • Increased competitiveness


  • Unfamiliar cultures and/or languages
  • Loss of jobs in UK
  • Transport costs
  • Unstable exchange rates could rise OR fall

FDI (Foreign Direct Investment):

  • More jobs
  • More tax money 
  • More competition- More products, Better prices
  • More competition
  • Money leaves UK
5 of 6

Immigration/ Emigration


  • More tax payers
  • More workers
  • New skills
  • More consumers
  • Displace UK workers
  • Strain on NHS and education


  • Less benefits, pensions etc
  • Less competition
  • Division of families
  • Higher death rate (more elderly)
  • Loss of young
6 of 6


No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Personal Economics resources »