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Edexcel Business A level - 2024 Paper 3 - Bullet 3 - Global clothing manufacturing locations
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The video is to guide students through the Edexcel A level Business 2024 paper 3 research topic. It focuses on the third bullet point in this years research theme - "Global Clothing Manufacturing Locations," providing insights into various aspects of the clothing sector as they relate to the exam's units. The video explores topics such as the growth of economies, international trade, globalisation, protectionism, trading blocs, and factors influencing trade and production location decisions.
The video also includes exam-style questions tailored to these topics, such as evaluating the impact of the UK's economic growth on the clothing manufacturing landscape and discussing the reasons behind Primark's decision to outsource manufacturing to Bangladesh. These questions will hopefully encourage you to critically assess different aspects of the clothing sector in relation to business and economic concepts.
Here's a list of some of the key terms in the context with the video:
GDP (Gross Domestic Product): The total value of goods produced and services provided in a country during one year. In the context of macroeconomic objectives, GDP is often expressed through the formula C + I + G + (X-M), where C represents consumption, I is capital investment, G is government spending, and (X-M) is net exports (exports minus imports). This formula showcases how different sectors of the economy contribute to the overall economic output and is used to measure economic growth, one of the main macroeconomic objectives.
Macroeconomic Objectives: These are targets set by the government to achieve economic stability and growth. They include low unemployment, stable inflation, sustainable growth, and a healthy balance of payments. The fashion industry's contributions can be measured in terms of job creation (affecting unemployment), contributions to GDP (indicating growth), and export figures (impacting the balance of payments).
International Trade: This refers to the exchange of goods and services between countries. The fashion industry is heavily involved in international trade, as clothes are produced in one country and often sold in another. This sector benefits from specialisation and competitive advantage, which leads to increased exports and contributes to business growth.
Foreign Direct Investment (FDI): This involves a business from one country making a physical investment into building a factory in another country. The fashion industry may engage in FDI by setting up production facilities in countries with lower production costs to increase their competitive advantage. Remember, FDI is more than just a flow of money - consider the skills and expertise that come with it.
Globalisation: This is the process by which businesses start operating on an international scale. Factors contributing to increased globalisation, especially in the fashion industry, include technological advances, reduced trade barriers, and improved communication. PESTLE factors (Political, Economic, Social, Technological, Legal, Environmental) influence the degree and nature of globalisation for each business.
Protectionism: Governments may use protectionist policies, such as tariffs and quotas, to restrict imports to protect domestic industries. In the fashion industry, protectionism can limit the variety of foreign goods available in the market and may lead to higher prices for consumers.
Trading Blocs: These are groups of countries that manage and promote trade activities. For the fashion industry, being part of a trading bloc like the EU can facilitate easier and more cost-effective trade between member countries.
Assessment of a Country as a Production Location: This involves evaluating various factors like production costs, availability of skilled labour, infrastructure quality, government incentives, and political stability to determine the suitability of a country for setting up manufacturing operations. In the context of the fashion industry, this is crucial for determining where to locate factories and production facilities to optimise costs and efficiency.
Some initial thoughts
4.1.1 Growing economies
Assess the likely impact of the growth rate of the UK economy on the global clothing manufacturing landscape. (12 marks)
4.1.2 International trade and business growth
Assess the likely reasons behind the trends in exports and imports within the Spanish clothing sector. (12 marks)
4.1.3 Factors contributing to increased globalisation – PESTLE factors
Using your knowledge of PESTLE, assess the likely reasons for Primark, a UK-based clothing retailer, to outsource its manufacturing operations in Bangladesh. (12 marks)
4.1.4 Protectionism
Assess the likely limitations imposed by protectionist policies on international trade in the clothing sector. (12 marks)
4.1.5 Trading blocs
Assess the likely impact of the EU trade bloc on the Portuguese clothing manufacturing sector. (12 marks)
The video also includes exam-style questions tailored to these topics, such as evaluating the impact of the UK's economic growth on the clothing manufacturing landscape and discussing the reasons behind Primark's decision to outsource manufacturing to Bangladesh. These questions will hopefully encourage you to critically assess different aspects of the clothing sector in relation to business and economic concepts.
Here's a list of some of the key terms in the context with the video:
GDP (Gross Domestic Product): The total value of goods produced and services provided in a country during one year. In the context of macroeconomic objectives, GDP is often expressed through the formula C + I + G + (X-M), where C represents consumption, I is capital investment, G is government spending, and (X-M) is net exports (exports minus imports). This formula showcases how different sectors of the economy contribute to the overall economic output and is used to measure economic growth, one of the main macroeconomic objectives.
Macroeconomic Objectives: These are targets set by the government to achieve economic stability and growth. They include low unemployment, stable inflation, sustainable growth, and a healthy balance of payments. The fashion industry's contributions can be measured in terms of job creation (affecting unemployment), contributions to GDP (indicating growth), and export figures (impacting the balance of payments).
International Trade: This refers to the exchange of goods and services between countries. The fashion industry is heavily involved in international trade, as clothes are produced in one country and often sold in another. This sector benefits from specialisation and competitive advantage, which leads to increased exports and contributes to business growth.
Foreign Direct Investment (FDI): This involves a business from one country making a physical investment into building a factory in another country. The fashion industry may engage in FDI by setting up production facilities in countries with lower production costs to increase their competitive advantage. Remember, FDI is more than just a flow of money - consider the skills and expertise that come with it.
Globalisation: This is the process by which businesses start operating on an international scale. Factors contributing to increased globalisation, especially in the fashion industry, include technological advances, reduced trade barriers, and improved communication. PESTLE factors (Political, Economic, Social, Technological, Legal, Environmental) influence the degree and nature of globalisation for each business.
Protectionism: Governments may use protectionist policies, such as tariffs and quotas, to restrict imports to protect domestic industries. In the fashion industry, protectionism can limit the variety of foreign goods available in the market and may lead to higher prices for consumers.
Trading Blocs: These are groups of countries that manage and promote trade activities. For the fashion industry, being part of a trading bloc like the EU can facilitate easier and more cost-effective trade between member countries.
Assessment of a Country as a Production Location: This involves evaluating various factors like production costs, availability of skilled labour, infrastructure quality, government incentives, and political stability to determine the suitability of a country for setting up manufacturing operations. In the context of the fashion industry, this is crucial for determining where to locate factories and production facilities to optimise costs and efficiency.
Some initial thoughts
4.1.1 Growing economies
Assess the likely impact of the growth rate of the UK economy on the global clothing manufacturing landscape. (12 marks)
4.1.2 International trade and business growth
Assess the likely reasons behind the trends in exports and imports within the Spanish clothing sector. (12 marks)
4.1.3 Factors contributing to increased globalisation – PESTLE factors
Using your knowledge of PESTLE, assess the likely reasons for Primark, a UK-based clothing retailer, to outsource its manufacturing operations in Bangladesh. (12 marks)
4.1.4 Protectionism
Assess the likely limitations imposed by protectionist policies on international trade in the clothing sector. (12 marks)
4.1.5 Trading blocs
Assess the likely impact of the EU trade bloc on the Portuguese clothing manufacturing sector. (12 marks)
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