Notesale: Turn your study into money

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Unit 43 Pass 4
a) What are the economic benefits to the UK from trading with other countries?
b) Outline the pattern of the UK’s international trade according to i) geographical area; and ii)
types of goods and services
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Introduction
In this assignment, I will first be explaining the benefits to the UK for providing international trade
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Imports are goods that are purchased from abroad
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Then I will outline the general pattern of the UK’s international trade by looking at its geographical
area and its type of goods and services
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a
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They trade with others because they can
gain a number of benefits
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An example of a British import would be a
French holiday maker buying British goods from shops
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An example of an export would be a UK person taking a holiday abroad
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There is also the possibility of the UK specialising
in what we are best at making/doing, including creating/selling a variety of goods, and that
technology is becoming more advanced although this could be costly if continuous, depending on
how well the UK is doing or the type of technology involved
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) Outline the pattern of the UK’s international trade according to:
i
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According to the general pattern of the UK, their main
exports are divided between the EU, US, Japan and China & Hong Kong, and then there’s the rest of
the world
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There are three reasons for this
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ii
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The general pattern of international trade for the UK geographically wouldn’t be as important as the
goods and services they offer, because the reason they export well is for what they provide to other
countries
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In 2004, the UK had a goods balance of £58
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2 billion,
leaving their current account to be £38
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In 2008, the UK's deficit on trade in goods and services was £4
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9 billion in October (the same as originally published)
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9 billion, compared with a surplus of £3
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9 billion)
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statistics
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uk/cci/nugget
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This is because
they have a relatively small manufacturing sector and a large service sector, e
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financial services
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) Outline the importance of international trade to UK businesses
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How much it is valued depends on either the imports or the exports
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g
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While the importance of exports in the UK is to increase sales by expanding into overseas
markets in the EU or elsewhere, to compete on price, product choice, quality, service, and that it’s
good for bus growth, jobs, profits
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We export
mainly to the EU because it’s, it’s a free trade area and the size of the EU itself
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We have a deficit in goods due to a small manufacturing sector
and a surplus in services due to a large service sector
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