Unit 3 - Global Economics

Question 1

global trade

Answer 1

trade between different countries

Question 2

UK’s main export partners

Answer 2

• USA
• Germany
• Netherlands
• France
• Ireland

Question 3

UK’s main import partners

Answer 3

• Germany
• China
• Netherlands
• USA
• France

Question 4

advantages of global trade

Answer 4

• greater choice / variety
• lower prices
• adds to home supplies meaning shortages can be met by imports
• greater economies of scale can be achieved
• better quality of goods and services and innovation

Question 5

disadvantages of global trade

Answer 5

• may lead to inferior quality products
• harmful products may be imported
• countries becoming over reliant on imports
• unemployment from lots of competition