What you'll learn
The benefits and barriers of international trade.
Key ideas
- Exports vs imports; specialisation raises efficiency.
- Trade barriers: tariffs and quotas (protectionism).
- The balance of payments records international transactions.
Exam tips
- Distinguish tariffs from quotas.
- Weigh free trade against protectionism.
Common mistakes
- Confusing exports and imports.
- Mixing up tariffs and quotas.