ILO:
a) Types of trading blocs (regional trade agreements and bilateral trade agreements):
o free trade areas
o customs unions
o common markets
o monetary unions: conditions necessary for their success with particular reference to the Eurozone
b) Costs and benefits of regional trade agreements
c) Role of the WTO in trade liberalisation
d) Possible conflicts between regional trade agreements and the WTO
a) Types of trading blocs (regional trade agreements and bilateral trade agreements):
o free trade areas
o customs unions
o common markets
o monetary unions: conditions necessary for their success with particular reference to the Eurozone
b) Costs and benefits of regional trade agreements
c) Role of the WTO in trade liberalisation
d) Possible conflicts between regional trade agreements and the WTO
Example Trade Blocs
Questions:
How might trade blocs lead to trade creation and trade diversion? (use a diagram to support your answer)
How might regional trade agreements impact consumers, firms and the Government/economy?
Try to use as many diagrams as possible to support your analysis.
How might trade blocs lead to trade creation and trade diversion? (use a diagram to support your answer)
How might regional trade agreements impact consumers, firms and the Government/economy?
Try to use as many diagrams as possible to support your analysis.
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NAFTA, explained with a toy car
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What is Asean? | CNBC Explains
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Assess how a
regional trade agreements could impact Government/economy of Africa? (10 marks)
Could ACFTA free trade deal be a new dawn for Africa? - BBC News
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Explain how Brexit could impact trade levels for the UK. (5 marks)
Brexit: What trade could look like after the UK leaves the EU | Focus on Europe
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Monetary Union & the EU
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Assess the benefits of Lithuania joining the eurozone.
(10 marks)
Euro in Lithuania: Winners and Losers
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Below is a revision video on the topic:
(A2) Euro Debate for New EU Nations
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Revision videos
Watch the revision webinars on trade blocs to consolidate your understanding.
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Economic Integration between Countries I A Level and IB Economics
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Advantages and Disadvantages of Joining the Euro I A Level and IB Economics
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WTO in trade liberalisation
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Examine the role of the WTO. (5 marks)
WTO disputes explained | US Shrimps- Turtle case | Trade Law | Lex Animata by Hesham Elrafei
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Revision webinar on WTO:
World Trade Organisation (WTO) - Aims and Roles
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Additional reading:
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See page 37: Ref development agenda
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Revision
Topics 4.1.1 - 4.1.5
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Mr Shearing Economics 1
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Mr Shearing Economics 2
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Mr Shearing Economics 3
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Mr Shearing Economics 4
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Mr Shearing Economics 5
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