IGCSE Economics Chapter 6.1 Specialisation and free trade (updated for the 2027 syllabus)

#FreeTrade #Specialisation #IGCSEEconomics
This video explains specialisation and free trade, covering why countries specialise in producing certain goods and services, and the advantages and disadvantages of specialisation for economies. It also explores the concept of free trade, its benefits such as efficiency and consumer choice, and the potential drawbacks including dependency and structural unemployment. The lesson links these ideas to global trade and development, giving students a clear understanding of how international trade shapes economies. Exam-focused and easy to follow, this guide helps students master Chapter 6.1 Specialisation and Free Trade and prepare with confidence for their IGCSE Economics exams.

Timestamps
00:00 - Intro
00:56 - Changes in trade restrictions
1:31 - Changes in transport costs
2:06 - Changes in communication costs
2:43 - Movements of multinational companies
3:13 - Effect on international trade
3:41 - Effect on competition
4:21 - Effect on the environment
4:52 - Effect on migration
5:29 - Effect on income distribution
5:53 - Effect on economic development
6:24 - Multinational companies
6:52 - Advantages (MNC)
7:56 - Disadvantages (MNC)
8:57 - Tariffs
9:20 - Import quotas
9:37 - Subsidy
9:59 - Embargo
10:28 - Protect infant industries
10:47 - Protect declining industries
11:06 - Protect strategic industries
11:46 - Avoid dumping
12:11 - Reduce deficit on current account
12:37 - Raise tax revenue
13:03 - Restrict the import of demerit goods
13:22 - Promote environmental sustainability
13:45 - Disadvantages of trade protection