patterns of trade 4.1.3 Flashcards
1
Q
factors affecting patterns of trade
A
TRADE trade blocks relative exchange rates comparitive advantage emerging economies
2
Q
comparative advantage
A
countries will trade where there’s a comparitive advantage- recent increase of exports of manufactured goods from developing to developed countries as UK etc have deindustrialised so production of manufactured goods has shifted to other countries
3
Q
emerging economies
A
when economies grow they’re likely to need to import more and export more to pay for imports, this shifts the trade pattern as there’s more trade
4
Q
trading blocs and bilateral agreements
A
more trade between certain countries decreases it between others
5
Q
relative exchange rate
A
affects relative price of goods between countries, prices determine if consumers will buy the good or not
