Economics 2: The World Economy Unit Student Guide Scottish Qualifications Authority Contents 1 2 Introduction to the Scottish Qualifications Authority Introduction to the Unit 2.1 2.2 2.3 2.4 2.5 2.6 3 What is the Purpose of this Unit? What are the Outcomes of this Unit? What do I Need to be Able to do in Order to Achieve this Unit? Approximate Study Time for This Unit Equipment/Material Required for this Unit Symbols Used in this Unit 1 2 2 2 2 3 3 4 5 5 6 7 7 11 18 24 31 37 41 51 60 68 75
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The World Trade Organization (WTO) website defines itself as an organization as “born out of negotiations”. The WTO of today was created on January 1, 1995 and is comprised of 153 countries as of February 2011. The WTO’s mission statement centers around 3 agreements between its members: The General Agreement on Tariffs and Trade (GATT), the General Agreement on Trade in Services (GATS), and the Trade-Related Aspects of Intellectual Property Rights (TRIPS) (WTO, 2012). The WTO also serves the function
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and foreign trade zones. The chapter examines the welfare effects of an import tariff for a small importing country and a large importing county. It is noted that if a nation is small compared to the world its overall welfare necessarily falls if it levies a tariff on imports. If the importing nation is large relative to the world, the imposition of an import tariff may improve its welfare. The chapter then examines the merits of trade restrictions. Among the arguments for trade barriers
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workers the rights they bear as participants in a market economy. WMT labor practices in China promote free market-enterprise. In order to understand how WMT promotes free market-enterprise through its labor practices, first I will define the key terms, such as labor practices and free market-enterprise or free enterprise. Then, I will provide the criteria to evaluate the existence of a free market in China and how its existence impacts labor and vice versa. Finally, I will prove that WMT’s use
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I believe that the drawbacks of free-trade are much more devastating than the benefits are contributive. Although products are available at much cheaper prices and higher quality, we’re losing jobs domestically. Raising the standard of living for most of the nation is not worth putting ten percent of us out of work. Not only does it affect our economy but as our book states, "Advocates for less-developed nations are deeply concerned that free trade clears the path for major multinational corporations
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probably twice as many rice fields compared to other countries. This is good for them and t because U.S. because they can produce large amounts of rice and sell it cheaper than what it would cost us to produce it. Both sides are profiting from the trade. There are many positives and negatives to outsourcing labor to other countries. The biggest positive is that its cheaper labor for companies. The other big positive is most people like paying cheaper prices and by outsourcing it costs less to produce
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necessary for any regional integration to pass through these are; Free trade areas, custom unions, Common Market , Common Currency and Political Union. The few examples of regional integration in Africa and Europe are as follows Southern Africa Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), Economic Community of Western Africa States (ECOWAS) , European Union (EU), North Atlantic Free Trade Area(NAFTA). Globalization, refers to the process in which the production
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by globalization. The impact of globalization as well. Globalisation is breakdown of manmade and natural barriers. It encourages integration and interdependence through the movement of labour, investment, finance, transnational corporation and trade. The emergence of countries is leading to global market place or single world market. Globalisation is ongoing since 1980s.This is resulting in one global market. Globalisation helps firms grow as investments are quickly managed. This is due to
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2-International trade policies formation and implementation. On a first time The Republic of Korea has been a APEC (Asia-Pacific Economic Cooperation) member since 1989. APEC aims at improving international trade and investment liberalization by reducing trade barriers, business facilitation thanks to business transactions cost reduction and finally increase economic and technical collaboration between countries. Then in 1995 South Korea became a member of WTO (World Trade Organization) which
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Globalisation is the process by which each individual country and economy is converging into a larger global economy. Globalisation has many impacts both positive and negative. In recent decades globalisation has had strong impacts in China and thus is predicted to be one of the 4 largest economies by 2050(BRIC). China has benefited greatly from the onset of globalisation and their economy would not be the size it is today if it was not for globalisation, however globalisation has had some strong
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