Ch 25: Global Trade

About This Chapter

These lessons illustrate key themes in global trade such as its advantages and effects. As you work through these lessons, you can easily increase your understanding of trade.

Global Trade- Chapter Summary

The lessons presented to you in this chapter will address the main topics and themes within global trade. You will understand what global trade is and its significance. You will cover the following topics in this chapter:

  • Gains that are received from trading
  • Trade agreements
  • International trade economics and politics
  • Comparative advantage
  • Benefits of specialization
  • International trade organizations

Our lessons highlight key vocabulary terms and phrases in the transcripts so that you can quickly identify them to study specific information of significance. Another time-saving tool is the timeline feature in the video lessons. This allows you to jump around the videos without having to watch the lesson from the beginning. You can focus on areas of the lesson that you struggle with. Our lesson quizzes also give you immediate feedback so you can quickly find out what your strengths and weaknesses are and so you can go back into the lesson to review certain areas if you want to.

7 Lessons in Chapter 25: Global Trade
Test your knowledge with a 30-question chapter practice test
What is Global Trade? - Definition, Advantages & Barriers

1. What is Global Trade? - Definition, Advantages & Barriers

Global trade of goods and services are worth trillions of dollars each year. In this lesson, you'll learn about global trade and its advantages, as well as barriers to trade. A short quiz follows.

Gains from Trade: Definition & Example

2. Gains from Trade: Definition & Example

Sometimes doing everything yourself isn't always the best economic decision. This lesson explains and provides an example, showing how specializing and trading can benefit everyone involved.

Trade Agreements: Definition & Effects

3. Trade Agreements: Definition & Effects

A country's economy can benefit from both importing and exporting goods. In this lesson you'll learn how countries use trade agreements to coordinate the exchange of goods between producers and consumers in both markets.

The Economics & Politics of International Trade

4. The Economics & Politics of International Trade

We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.

Comparative Advantage: Definition and Examples

5. Comparative Advantage: Definition and Examples

Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.

Gains From Trade and the Benefit of Specialization

6. Gains From Trade and the Benefit of Specialization

Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.

International Trade Organizations and Trade Agreements

7. International Trade Organizations and Trade Agreements

International trade organizations and trade agreements have enormous power in the global trade environment. In this lesson, you will learn about the roles of the GATT, NAFTA, and the World Trade Organization.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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