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Ch 49: Basics of International Economics

About This Chapter

This chapter details the basics of international economics through a series of video lessons taught by professional instructors, with topics such as trade protectionism, exchange rates, and more.

Basics of International Economics - Chapter Summary

The lessons within this chapter examines fundamental concepts within the subject of international economics, providing you with a solid foundation of knowledge to apply in the classroom. Topics fleshed out include:

  • Comparative and absolute advantage
  • Specialization and exchange
  • Trade protectionism and exchange rates
  • The global economy
  • National and international trade policies

With both a video and transcript of the content included with each lesson, you'll be able to choose the mode of learning you're most comfortable with. After every lesson, you can make sure you understood the material by means of a practice quiz that can be taken and re-taken at your discretion.

7 Lessons in Chapter 49: Basics of International Economics
Test your knowledge with a 30-question chapter practice test
Comparative Advantage, Specialization & Exchange

1. Comparative Advantage, Specialization & Exchange

Companies and individuals are often faced with the question of, 'What should we do?' This lesson examines comparative advantage, a valuable economic concept that helps firms and people determine how to focus their efforts.

Differentiating between Comparative and Absolute Advantage

2. Differentiating between Comparative and Absolute Advantage

International trade is embraced by countries due to many benefits. In this lesson, we will discuss the differences between comparative and absolute advantage and the importance of specializing in production.

Advantages and Disadvantages of Trade Protectionism

3. Advantages and Disadvantages of Trade Protectionism

Countries want to win the game of international trade by exporting more than they import. Some countries pursue trade protectionism to do this. In this lesson, you'll learn about the advantages and disadvantages of this strategy and related concepts.

Exchange Rate: Determination and Conversion Across Countries

4. Exchange Rate: Determination and Conversion Across Countries

Understand what exchange rates are and the different types that can be used by governments and countries. See how they operate and how the conversion process works across countries.

The Global Economy: Advantages, Expansion & Impact

5. The Global Economy: Advantages, Expansion & Impact

This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'

National Trade Policies: Economic Impact & Market Share

6. National Trade Policies: Economic Impact & Market Share

This lesson will explain national trade policies. In doing so, it will highlight reciprocity and most-favored-nation status. It will also explain non-tariff restrictions and market share.

International Trade Regulations & Restrictions

7. International Trade Regulations & Restrictions

Importing and exporting are vital elements to a healthy U.S. economy. Businesses should be familiar with international laws regarding trade. This lesson defines imports and exports and discusses international trade regulations and restrictions.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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