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
AQA Spec – Additional Content
The reasons for changes in the Pattern of Trade between the UK and the rest of the world
- Comparative Advantage
- Impact of Emerging Economies
- Growth of Trading Blocs and bilateral trading agreements
- Changes in Exchange Rates
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)
Next Revision Topics
- Terms of Trade
- Specialisation and Trade
- Imports / Exports
- Globalisation
- Trading Blocs
- World Trade Organisation
- Restrictions on free trade
- Types of restrictions on free trade
A Level Economics Past Papers
