economics unit 11 chapter 3

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  • Created by: shomouk
  • Created on: 16-05-14 16:16
advantages of trade to the UK economy
1.income 2.growth 3.choice and product differentiation 4.prices 5.competition and innovation 6.raw materials
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disadvantages of trade to the UK economy
1.competition 2.economic dependency 3.unstable commodity prices 4.power of MNCs 5.enviroment and sustainability
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exchange rates and the individual consumer
1.foreign holidays 2.food in supermarkets 3.withdrawing cash from cash machines aboard 4.direct imports like cars and furniture
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other factors affecting sales of imports and exports
1.style and image 2.quality 3.reliabilty
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advantages of firms operating over seas
1.lower labour costs 2.increased competitiveness 3.near to source or markets less CO2
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disadvantages of operating over seas
1.jobs are lost in the uk 2.difficulity in controlling operations 3.transport cost 4.unfamiliar cultures and languages
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why do foreign firms locate in the uk
1.skilled labour force 2.tarrif free access to the E single market 3.english language 4.to buy existing UK brands
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benefits of globalization for the uk labour market
1.jobs are created in sectors where the uk does well 2.new migrant labour skills lower costs and increase competitiveness 3.chances to increase exports to new markets
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drawbacks of globalization for the uk labour market
1.increase of immigrant labour depresses wages 2.relocating over seas can cause unemployment
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positive effects of immigration on the uk labour market
1.new knowledge and skills 2.reduce wage inflation and increase competitiveness 3.more workers to support uk's aging population 4.increases the number of consumer as well as producers
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however increases in immigration may...
1.depress wages and displace low skilled uk workers 2.increase strain on the social services
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emigration can effect uk labour market by...
1.brain drain 2. reducing unemployment during recession
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barriers of working abroad
1.restrictons by foreign governments 2.language and cultural barriers 3.visas work permits and so on are needed to work outside the EU
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government action to regulate uk migration
1.points system 2.the SAWS
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Card 2

Front

disadvantages of trade to the UK economy

Back

1.competition 2.economic dependency 3.unstable commodity prices 4.power of MNCs 5.enviroment and sustainability

Card 3

Front

exchange rates and the individual consumer

Back

Preview of the front of card 3

Card 4

Front

other factors affecting sales of imports and exports

Back

Preview of the front of card 4

Card 5

Front

advantages of firms operating over seas

Back

Preview of the front of card 5
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