iceknife
Badges: 5
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#1
Report Thread starter 8 months ago
#1
How would you go about structuring this essay about trade liberalisation improving the UK's ability to meet their macro objectives
Last edited by iceknife; 8 months ago
0
reply
stephsmhb
Badges: 16
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#2
Report 8 months ago
#2
(Original post by ess')
How would you go about structuring this 25 mark essay (Edexcel) - "To what extent would further trade liberalisation improve the UK's ability to meet their macroeconomic objective".
Structure is
Point 1
Evaluation of point 1

Point 2
Evaluation of point 2

Conclusion

If you are a fast writer you could add an introduction or 3rd point but i've always done 2 and still gotten high marks. The head examiner says 2 or 3 points are ideal
1
reply
paula10797
Badges: 10
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#3
Report 8 months ago
#3
It would be also nice to include a short introduction to introduce the essay. Maybe you could state the definition of trade liberalisation and explain the term. This could potentially get you marks for knowledge
2
reply
iceknife
Badges: 5
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#4
Report Thread starter 8 months ago
#4
what two points would you do ?
0
reply
ngotho kg
Badges: 1
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#5
Report 8 months ago
#5
(Original post by ess')
How would you go about structuring this 25 mark essay (Edexcel) - "To what extent would further trade liberalisation improve the UK's ability to meet their macroeconomic objective".
Introduction
Points and discussion
Conclusion
Thank you
0
reply
stephsmhb
Badges: 16
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#6
Report 8 months ago
#6
(Original post by ess')
what two points would you do ?
well what have you got so far, maybe i can help you expand on them. Also is there an extract in the question
0
reply
iceknife
Badges: 5
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#7
Report Thread starter 8 months ago
#7
there is no extract
Last edited by iceknife; 8 months ago
0
reply
stephsmhb
Badges: 16
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#8
Report 8 months ago
#8
(Original post by ess')
I've only written an introduction, I wanted to talk about how trade liberalisation promotes free trade and talk about comparative advantage maybe. But since it says further liberalisation in UK (developed country). Im stuck on how to evaluate and what point to talk about. But here's the introduction.

Macroeconomic objectives are goals set by the government, for example, the balance of trade, low inflation and economic growth, all aimed to be achieved using government policy. Trade liberalisation is the removal/reduction of restrictions or barriers (tariffs as duties and surcharges, licensing rules, quotas) on the free exchange of goods between nations. Policies that make an economy open to trade and investment with the rest of the world are needed for sustained economic growth. The evidence of this is clear. The UK, in recent decades, has achieved economic success, in terms of substantial increases in living standards for its people, which would not be possible without being open to the rest of the world. However, the extent to which further trade liberalisation improves the UK’s ability to meet its macroeconomic objectives is questionable.
Tbh that's quite long for an introduction, the lead examiner for economics says you don't need one and if you do write one it should be short but whatever works for you!

Comparative advantage still applied to developed countries so you can still write about it, for context you could talk about germany's specialism in cars. They can produce cars at a lower opportunity cost than the UK and so there is economic welfare to be gained by trading with them.

Some points i'm thinking of are:

Removal of tariffs and the impact on inflation & economic growth. You can draw a tariff diagram to show how removal of tariffs leads to lower prices which coincides with the objective of low and stable inflation (mention the 2% target for additional context). You could then evaluate this by saying however the removal of tariffs lowers the price of imports and so Imports will increase leading to a fall in net exports which will decrease AD, conflicting with the objective of economic growth.

Liberalisation of trade also makes the country more attractive for investment. This leads to a shift in AD. You can further analyse this by talking about how this shift in AD is amplified by the positive multiplier effect (could be demonstrated on a diagram).

Liberalisation may lead to structural unemployment as some industries will decline (talk about sunset and infant industries and lower labour costs in other countries such as China). For context talk about the decline of manufacturing in the UK which led to a major loss of jobs, contributed towards the north-south divide which links to inequality, another macroeconomic objective. If unemployment increases this will also have other macroeconomic impacts e.g. people have less disposable income so consumption will fall which impacts AD, government will get less tax revenue but have higher government spending which increases the fiscal deficit and leads to increased national debt.
Possible evaluation for this point: Depends on the flexible nature of the economy. If an economy is highly flexible with educated workers then the economy can switch its specialism however if not then the structural unemployment won't just be in the short run, it will be in the long run decreasing the productive potential of the economy etc. Uk could be seen to be flexible as in the long run it changed its specialism from manufacturing to finance, unemployment in the Uk has actually fallen over time (it was under 4% before corona happened)

Honestly there are so many points you can talk about but these are just some things that popped in my head. Feel free to ask for any more help if you need it!
0
reply
iceknife
Badges: 5
Rep:
? You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#9
Report Thread starter 8 months ago
#9
(Original post by stephsmhb)
Tbh that's quite long for an introduction, the lead examiner for economics says you don't need one and if you do write one it should be short but whatever works for you!

Comparative advantage still applied to developed countries so you can still write about it, for context you could talk about germany's specialism in cars. They can produce cars at a lower opportunity cost than the UK and so there is economic welfare to be gained by trading with them.

Some points i'm thinking of are:

Removal of tariffs and the impact on inflation & economic growth. You can draw a tariff diagram to show how removal of tariffs leads to lower prices which coincides with the objective of low and stable inflation (mention the 2% target for additional context). You could then evaluate this by saying however the removal of tariffs lowers the price of imports and so Imports will increase leading to a fall in net exports which will decrease AD, conflicting with the objective of economic growth.

Liberalisation of trade also makes the country more attractive for investment. This leads to a shift in AD. You can further analyse this by talking about how this shift in AD is amplified by the positive multiplier effect (could be demonstrated on a diagram).

Liberalisation may lead to structural unemployment as some industries will decline (talk about sunset and infant industries and lower labour costs in other countries such as China). For context talk about the decline of manufacturing in the UK which led to a major loss of jobs, contributed towards the north-south divide which links to inequality, another macroeconomic objective. If unemployment increases this will also have other macroeconomic impacts e.g. people have less disposable income so consumption will fall which impacts AD, government will get less tax revenue but have higher government spending which increases the fiscal deficit and leads to increased national debt.
Possible evaluation for this point: Depends on the flexible nature of the economy. If an economy is highly flexible with educated workers then the economy can switch its specialism however if not then the structural unemployment won't just be in the short run, it will be in the long run decreasing the productive potential of the economy etc. Uk could be seen to be flexible as in the long run it changed its specialism from manufacturing to finance, unemployment in the Uk has actually fallen over time (it was under 4% before corona happened)

Honestly there are so many points you can talk about but these are just some things that popped in my head. Feel free to ask for any more help if you need it!
Thank you 🙏!! this really helped.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How would you describe the quality of the digital skills you're taught at school?

Excellent (38)
9.62%
Okay (115)
29.11%
A bit lacking (150)
37.97%
Not good at all (92)
23.29%

Watched Threads

View All
Latest
My Feed