MYTUTOR SUBJECT ANSWERS

1479 views

What is an easy way to remember the effects of the exchange rate on imports and exports?

These two simple acronyms will help you remember the effects of changes in the exchange rate on imports and exports:

Strong
Pound
Imports
Cheap
Exports
Dear

The acronym "SPICED" is a helpful way to remember that a stronger currency will lead to a decrease in the country's exports as they are more expensive through a stronger currency, and an increase in imports.

Weak
Pound
Imports
Dear
Exports
Cheap

The acronym "WPIDEC" is a helpful way to remember that a weak pound (or whatever currency) will lead to an increase in exports as they are now cheaper, relatively speaking, and a decrease in imports.

Jake C. GCSE Biology tutor, GCSE English Language tutor, GCSE Economi...

2 years ago

Answered by Jake, a GCSE Economics tutor with MyTutor

Still stuck? Get one-to-one help from a personally interviewed subject specialist

53 SUBJECT SPECIALISTS

£18 /hr

Firat G.

Degree: Biochemistry (Bachelors) - Bristol University

Subjects offered: Economics, Chemistry+ 1 more

Economics
Chemistry
Biology

“Currently, I am studying Medicinal Biochemistry at the University of Bristol. I tutor numerous students at both GCSE and A level and thoroughly enjoy being able to help individuals improve their confidence and understanding of Biology ...”

£18 /hr

Jamie S.

Degree: Economics and Management (Bachelors) - Bristol University

Subjects offered: Economics, Maths

Economics
Maths

“I am a final year student at the University of Bristol, studying Economics and Management and am currently on track to achieve a 1st. I achieved an A* in Economics and an A in Maths A-levels as well as an A* at maths GCSE so would be ...”

MyTutor guarantee

£18 /hr

Jay L.

Degree: Mathematics, Operational Research, Statistics and Economics (MORSE) (Bachelors) - Warwick University

Subjects offered: Economics, Maths+ 4 more

Economics
Maths
Further Mathematics
Chemistry
Art
-Personal Statements-

“Hi! I am currently a fresher at the University of Warwick, studying Maths, Operational Research, Statistics and Economics, or MORSE. I have always enjoyed the challenge of maths and would really like to help you experience joy and sa...”

About the author

Jake C.

Currently unavailable: no new students

Degree: International Relations (Bachelors) - Exeter University

Subjects offered: Economics, History+ 2 more

Economics
History
English Language
Biology

“Tutor from the University of Exeter studying International Relations, excited to help you achieve your potential and beyond in history and English!”

MyTutor guarantee

You may also like...

Posts by Jake

How can I effectively include historiography in my history essay?

How can I ensure I am answering the given question throughout the essay?

What are the key differences between plant and animal cells?

What is an easy way to remember the effects of the exchange rate on imports and exports?

Other GCSE Economics questions

How is the market equilibrium determined?

Why does a govt focus on economic growth as a primary objective and should it always pursue this objective. Give reasons for your answer.

What is economic growth and how can it improve living standards?

What is the difference between the long run and short run Phillips curves?

View GCSE Economics tutors

Cookies:

We use cookies to improve our service. By continuing to use this website, we'll assume that you're OK with this. Dismiss

mtw:mercury1:status:ok