Evaluate the effects of the growth of trading blocs such as the TFTA on global trading patterns
Edexcel A-Level Economics 25 Mark Question
Three of Africa’s main trading blocs have agreed to form the Tripartite Free Trade Agreement (TFTA). This will create one of the world’s largest free trade areas, stretching across 26 countries with a combined GDP of around £1trillion. Evaluate the effects of the growth of trading blocs such as the TFTA on global trading patterns. (June 2019) | Model Answer
Plan
- Paragraph 1
- Argument: one effect is a decrease in prices in member countries
- Diagram: tariff removal diagram, right shift in sras
- Evaluation: increase in economic activity can cause inflation to rise
- Paragraph 2
- Argument: another effect is an increase in specialisation and productivity
- Diagram: comparative advantage model, increase in LRAS
- Evaluation: question the assumptions behind the comparative advantage model
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