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Northern IrelandEconomics

The International Economy

3 dot points across 3 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What decides how many euros or dollars a pound is worth, and why does a rising or falling pound matter?

Explain what an exchange rate is, how it is determined by the demand for and supply of a currency, the meaning of appreciation and depreciation, and their effects on exports, imports and the economy.
A CCEA GCSE Economics answer on exchange rates, covering what an exchange rate is, how it is set by the demand for and supply of a currency, the meaning of appreciation and depreciation, how to convert between currencies, and the effects of a rising or falling exchange rate on exports, imports and the economy.
12 min answer →

Why is the world's economy becoming more connected, and who gains and loses as it does?

Explain globalisation, its causes, the role of multinational companies, and the benefits and drawbacks of globalisation for consumers, workers, firms and economies.
A CCEA GCSE Economics answer on globalisation, covering its meaning and causes such as improved transport, communications and trade liberalisation, the role of multinational companies, and the benefits and drawbacks of globalisation for consumers, workers, firms and economies.
11 min answer →

Why do countries trade with each other, and how do we keep score of what a country buys and sells abroad?

Explain why countries trade, the benefits and drawbacks of international trade, the balance of payments, and the arguments for and against protectionism.
A CCEA GCSE Economics answer on international trade, covering imports and exports, why countries trade, the benefits and drawbacks of trade, the balance of payments and trade surpluses and deficits, and the arguments for and against protectionism such as tariffs and quotas.
12 min answer →