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ScotlandEconomics

Global Economic Activity

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What is an exchange rate, and how do a rise or fall in the pound affect the prices of imports and exports for individuals and firms?

Exchange rates: the meaning of an exchange rate, appreciation and depreciation, and the effects of a change in the exchange rate on the prices of imports and exports for individuals and firms.
A focused answer to the SQA National 5 Economics content on exchange rates, covering what an exchange rate is, appreciation and depreciation of the pound, and how a change in the exchange rate affects the prices of imports and exports for individuals, firms and the wider economy.
12 min answer →

Why do countries trade with each other, what does the UK import and export, and why might a country put up trade barriers?

Global trade: imports and exports, why countries trade, the UK's main trading partners, and trade barriers such as tariffs and quotas.
A focused answer to the SQA National 5 Economics content on global trade, covering imports and exports, the reasons countries trade, the UK's main trading partners, and trade barriers such as tariffs, quotas and embargoes along with the arguments for and against protection.
12 min answer →

What is a multinational company, why do they choose to locate in particular countries, and what effect do they have on host economies?

Multinationals: the meaning of a multinational company, the reasons they choose where to locate, and their advantages and disadvantages for a host country.
A focused answer to the SQA National 5 Economics content on multinationals, covering what a multinational company is, the reasons they choose where to locate such as cheaper labour, access to markets and resources, and their advantages and disadvantages for a host country like the UK.
11 min answer →

How does the UK fit into the wider world economy, including the EU and eurozone, developing and emerging economies, and the giving of aid?

The UK in the global economy: the European Union and the eurozone, developing and emerging economies, and the types and purpose of aid.
A focused answer to the SQA National 5 Economics content on the UK in the global economy, covering the European Union and the eurozone, the difference between developing and emerging economies, and the types and purpose of aid such as bilateral, multilateral and tied aid.
12 min answer →