Economics- Edexcel 4.1.3
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| geographical pattern of trade | countries with whom businesses and people trade
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| intraregional trade | trade between countries in the same region
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| gravity theory of trade | an economy will gravitate towards trading with its closest neighbours and economies which are similar in terms of size, cultural preferences and stage of development
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| factors behind the gravity theory of trade | businesses trade more in markets close in geographical proximity & with a big market size/shared borders/shared language & single currency/similar consumer preferences
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| commodity pattern of trade | type of products that are traded internationally
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| less economically developed countries rely heavily on what types of exports? | primary product exports
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| examples of countries with high levels of primary product dependence | Angola, Ethiopia, Zambia, Kenya
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| stages of development for developing countries | change the pattern of trade: nation develops increasing complexity and more capabilities to trade often stimulated by development of comparative advantage
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| investment into what is required for a more diverse pattern of trade? | investment in human and physical capital
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| factors affecting comparative advantage | natural resources/unit wage costs/infrastructure/non-price factors/import controls/exchange rate/non-price competitiveness
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| emergincg economy | an economy that can’t yet be classified as ‘developed’ and is investing in its productive capacity
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| CIVETS | colombia, indonesia, vietnam, egypt, turkey, south africa
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| BRICs | brazil, russia, india, china
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| MINT | mexico, indonesia, nigeria, turkey
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| how do emerging economies impact trade patterns? | purchase more due to rising income/attract MNC activity/sell more medium to high value exports/currency volatility in markets impact commodity prices/rising tension results in trade wars
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| trade bloc | consists of several countries that agree to trade with each other with reduced or no trade barriers
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| 3 varying degrees of integration and types of trade bloc | preferential trade area/free trade area/customs union
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| preferential trade area | where there is reduced protectionism on a few select goods/services amongst the countries involved
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| bilateral trade agreement | preferential trade area between just 2 countries
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| free trade area | completely free trade between the countries involved but each country can set their own trade restrictions on countries outside of the agreement
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| customs union | there is completely free trade between the countries involved and they all agree to impose the same trade restrictions on other countries as each other
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| intra-regional trade | within the trade bloc itself
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| inter-regional trade | trade between region / blocs
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| trade creation | occurs when countries agree a trade deal that lowers tariffs between them
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| trade diversion | trade is diverted from a more efficient exporter towards a less efficient one by the formation of a free trade agreement or a customs union
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| more trading blocs lead to | more intra-regional trade, less inter-regional trade, more trade creation, less trade diversion
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