3.4+Economic+Integration

=IB NOTES TEMPLATE=

Forms of economic integration

Let's start by watching the videos below. Each group will be responsible for watching one of the videos and summarising it for the rest of the class. For homework you need to watch all of the videos.

What do you think Globalisation means and how does it link to this topic of economic intergration.

Do you think that economic integration is always beneficial?

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=media type="youtube" key="XMVl8WG126c" width="420" height="315"= =Now copy out this definition of Globalisation =

Preferential trade agreements

• Distinguish between bilateral and multilateral (WTO) trade agreements.

=The World Trade Organisation =

Trading blocs

For an introduction click on the picture below:

• Distinguish between a free trade area, a customs union and a common market.

• Explain that economic integration will increase competition among producers within the trading bloc.

• Explain the concepts of trade creation and trade diversion in a customs union.

Monetary union

• Explain that a monetary union is a common market with a common currency and a common central bank.

• Discuss the possible advantages and disadvantages of a monetary union for its members.

Plenary Activity: Fill in the gaps

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