Candidates must be able to demonstrate apt knowledge of the following topics in International Trade & Globalisation.
Topic | Candidates should be able to: |
International specialisation | • specialisation at a national level • advantages and disadvantages of specialisation at a national level |
Globalisation, free trade and protection | • definition of globalisation • role of multinational companies (MNCs) • the benefits of free trade • methods of protection • reasons for protection • consequences of protection |
Foreign exchange rates | • definition of foreign exchange rate • determination of foreign exchange rate in foreign exchange market • causes of foreign exchange rate fluctuations • consequences of foreign exchange rate fluctuations • floating and fixed foreign exchange rates |
Current account of balance of payments | • structure • causes of current account deficit and surplus • consequences of current account deficit and surplus • policies to achieve balance of payments stability |