In this topic you will study the following:

Read Icon.png Reading

For this topic you will need to work through pages 204 to 215 in your course book.

Key Points

Please pay attention to the concept of specialisation (touched upon earlier in the course), its advantages and disadvantages, and how it can be used to promote trade.
You will learn about globalisation, its advantages and disadvantages and the role of multinational companies. In addition, you will learn about the merits of free trade and areas in which it operates, as well as understanding what the World Trade Organisation (WTO) is and how it tries to promote free trade around the world.
Finally, will also need to understand what protectionism means and the various methods that can be used to protect an economy, as well as the benefits and drawbacks of protectionism.

Links

Please work through the following resources:

WATCH - Why Do Countries Protect Trade? (YouTube)