Year 12 Economics Revision

Topic 1Definitions:Global economyDirection of tradeTariffsDoha Round

GlobalisationFOREXSubsidiesEiG

GWPSpeculatorsLocal contentGNI

TNCFinancial flowsOECDPPP

WTOInternational Business CycleNAFTAHDI

FDIComparative advantageCERTAHIE

IMFOpportunity costEULDC

OECDFree TradeBilateral BRICs

MergerInfant IndustryMultilateralWashington Consensus

Composition of tradeQuotasAPECEconomic Convergence

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 recessionDiscuss 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) 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.