AQA Economics A-level: International Economy, specification 7135, 7136
I achieved an A in Economics A-level in 2018, across all three papers. These notes helped form an understanding of economic theory and a critical evaluation of it*
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Globalisation: characteristics and causes of globalisation
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Role of MNCs - benefits and drawbacks (evaluation)
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Costs and benefits of globalisation (evaluation)
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Trade: static vs dynamic gains, changing patterns of UK trade and World Trade Organisation (WTO)
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Theory of competitive advantage, assumption, sources, absolute advantage
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Specialisation and division of labour
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Trade in developing countries - advantages and risks
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UK membership of EU evaluation - arguments for and against
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Policies to improve trade in the long run vs short run and supply side policies
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Protectionism: graphs and evaluation of tariffs, quotas, export subsidies and dumping
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Arguments against protectionism
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The balance of payments and current account - components
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Factors influencing current account deficit and balance of payment deficit
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Impact of trade imbalances (evaluation)
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Policies to reduce deficit - expenditure-reducing and expenditure-switching
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Exchange rates - determinants, fluctuations, depreciations etc
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Exchange rate equilibrium, excess demand vs excess supply
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Effects of currency fluctuations on growth, inflation, employment etc.
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Benefits and limitations of weaker currency
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Evaluation of a devaluation - Marshall Lerner, J curve
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Currency systems, free-floating, managed floating and fixed (and evaluation of each)
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Global influence of currencies, brexit impact
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Benefits and drawbacks of currency unions
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Economic growth and development, indicators of development
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Objectives of development, barriers to development
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Private sector and development
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Role of trade/aid in development
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