patterns of trade

Question 1

recent pattern of uk trade

Answer 1

-since 2000, uk exports has fallen and imports have risen
-decline in exports is similar to most industrialised countries as it is due to competition from newly industrialised countries like China
-imports have risen due to goods being cheaper from emerging countries as labour is cheaper

Question 2

economic integration

Answer 2

process which economies of different countries become more closely linked

Question 3

example of economic integration

Answer 3

types of treading block:
1- free trade areas
2- customs union
3- common markets
4- monetary unions
-these go from least integrated to most. EU is customs union while eurozone in monetary union