Candidates will explore the international aspects of an economy further by considering the balance of payments in full and the strengths and weaknesses of using fixed and managed exchange rate systems. The process of economic development, the characteristics of countries at different levels/stages of development and the relationships between high-income and low-income countries will be investigated. Major issues examined include the appraisal of living standards, the role of international aid, the influence of multinational companies, the burden of external debt on many low-income countries and the process of globalisation. The key concepts most relevant to this work are: progress and development; scarcity and choice; time.
11.1 Policies to correct disequilibrium in the balance of payments
11.1.1 components of the balance of payments accounts: current account, financial account and capital account
11.1.2 effect of fiscal, monetary, supply-side, protectionist and exchange rate policies on the balance of payments
11.1.3 difference between expenditure-switching and expenditure-reducing policies
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FULL SYLLABUS - UNIT 7 -TO 11 (A2 ECONS)
7 The price system and the microeconomy (A Level) 8 Government microeconomic intervention (A Level) 9 The macroeconomy (A Level) 10 Government macroeconomic intervention (A Level) 11 International economic issues (A Level)
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11 International economic issues (A Level)
11.1 Policies to correct disequilibrium in the balance of payments 11.2 Exchange rates 11.3 Economic development 11.4 Characteristics of countries at different levels of development 11.5 Relationship between countries at different levels of development 11.6 Globalisation
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11 International economic issues (A-Level Econs)
11.1 Policies to correct disequilibrium in the balance of payments 11.2 Exchange rates 11.3 Economic development 11.4 Characteristics of countries at different levels of development 11.5 Relationship between countries at different levels of development 11.6 Globalisation
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