H2 Economics Only
The central question in this chapter deals with whether globalisation brings about its intended benefits, and if it does, at what cost. Given that globalisation has changed the way we live, students have to understand the various effects globalisation brings about and suggest policies to curb the potential problems globalisation might bring about.
Economics Tuition: Explain the scenarios under which the following methods of protectionism is more effective
A quota refers to the direct control of import demand, which will lower supply of imports, thus reducing quantity demand for imports. The restriction of the quantity of imported goods will create an artificial shortage that leads to the increase in price of the...read more
Purpose of comparative advantage The concept of comparative advantage explains how countries which are efficient in production can specialise and trade with countries which are inefficient so as to maximise total production and consumption, based on the concept of...read more
The factors that limit free trade can be seen in terms of the artificial barriers to trade, and natural barriers to entry. The artificial barriers to trade refers to protectionism, in which countries implement policies that prevent the import of foreign goods into the...read more