This is one of a set of Powerpoints (and accompanying Notes/Key Terms sheets) that I have created for my own teaching of the macroeconomic topics in the new (linear) AQA A-level Economics specification (7135). They follow the order of teaching recommended by the exam board and (generally) the AQA-approved textbooks (Powell & Powell, 2015).
Key terms covered in this Powerpoint: (references to the specification):
4.2.6.2 Trade
• The model of comparative advantage.
• The distinction between comparative and absolute advantage.
• The model shows that specialisation and trade can increase total output.
• Other economic benefits of trade, such as the ability to exploit economies of scale and increased competition.
• Students should be able to use a simple numerical example to illustrate the principle of comparative advantage and the associated benefits of trade.
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