1
Q
Specialisation
A
When a worker, firm, region or country produces a narrow range of goods and services
2
Q
Advantages of specialisation
A
Greater output
Greater quality
Benefits of trade
Reduces problems of scarcity
3
Q
Disadvantages of specialisation
A
Finite resources
Over-reliance on weather
Changing tastes/ fashions
Interdependence
De-industrialisation
Economics Theme 4
flashcards
Decks in class (36)
# Cards
-
Globalisation4
-
Absolute Advantage1
-
Comparative Advantage1
-
Specialisation3
-
Terms Of Trade4
-
Trading Bloc1
-
Free Trade Area1
-
Customs Union1
-
Common Market1
-
Monetary Union1
-
Workd Trade Organisation (WTO)4
-
Tarrif2
-
Quota1
-
Trade Subsidy2
-
Non-tarrif Barriers1
-
Balance Of Payments1
-
Components Of The Current Account4
-
Capital Account7
-
Managed Exchange Rate1
-
Competitive Devaluation Intentions1
-
Revaluation2
-
Devaluation1
-
Depreciation1
-
Factors Influencing Exchange Rates1
-
Governemnt Intervention In The Currency Markets-interest Rates3
-
25
-
Poverty7
-
Inequality2
-
Human Development Index(HDI)7
-
Harrod Domar Model6
-
710
-
&10
-
910
-
1010
-
1110
-
126
