Trading blocs
What Trading blocs means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Trading blocs
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Reference: Pearson Edexcel
Agreements between countries to reduce protectionist barriers like tariffs, whose expansion has reshaped global trade.
Intergovernmental agreements where regional trade barriers, such as tariffs, are reduced or eliminated.
Topics that use Trading blocs
- International trade (Pearson Edexcel A-Level)
- Trading blocs (Pearson Edexcel A-Level)
Related terms
- Trade creation
- Trade diversion
- Comparative advantage
- Economic interdependence
- Free trade area
- Macroeconomic shocks
- Opportunity cost
- Over-specialisation
Using Trading blocs in the exam
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