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Economics 2.2.5

Economics- Edexcel 2.2.5

QuestionAnswer
exports goods and services sold from country to another
X exports
money from sale of exports injection into the circular flow of income
factors affecting the demand for a nation’s exports relative prices of exports in world markets/external value of exchange rate/non-price demand factors/strength of AD in key export markets/level of protectionism
why does relative prices of exports in world markets impact demand for a nation’s exports? a country with a relatively high rate of inflation will have lower exports due to a loss of cost and price competitiveness in international markets
what is the relative price of exports in world markets affected by? domestic inflation, shipping/transport costs, fluctuations in world commodity prices
why does external value of exchange rate impact demand for a nation’s exports? stronger currency makes exports more expensive and imports cheaper/weaker currency makes exports cheaper and imports more expensive
why does non-price factors impact demand for a nation’s exports? specific to factors which can be design, branding, product quality, after-sales service
why does strength of AD in key export markets impact demand for a nation’s exports? state of the world economy can lead to global recession which hits export sales for many countries, if key export markets are booming then there is a higher demand for exports
why does level of protectionism impact demand for a nation’s exports? tariffs(tax on imports), quotas(physical limit on number of imports into country), other trade restrictions e.g. restrictions on product quality
trade surplus X>M so aggregate demand increases
trade deficit M>X so aggregate demand falls
trade balance is zero X=M so external trade has a neutral effect on AD
Created by: jessharris
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