Patterns of Trade

Patterns of Trade

Courses Info

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes

Pattern of Trade – refers to the changes in a country’s imports / exports throughout periods of time

Factors influencing the Pattern of Trade

  • Comparative Advantage – a country that is able to produce a good at a lower opportunity cost
  • Exchange Rate – Changes in the Exchange Rate making it cheaper to import from another country
  • Supply Chains – The growth of global supply chains
  • Emergence of trading blocs – allow countries to freely trade with one another and contributes to trade creation
  • Exports – The growth in exports of manufactured goods from low waged economies to developed economies
  • Technological advancements – better quality goods to export and import
  • Productivity of workers – employees able to produce high quality goods for countries to export and import

 

Quick Fire Quiz – Knowledge Check

1. Define ‘Pattern of Trade’ (2 marks)

2. Identify and explain five factors influencing the Pattern of Trade (10 marks)

 

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