About This Chapter
Below is a sample breakdown of the International Trade and Business Law chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Treaties, regulations and sovereign immunity||Difference between unilateral and bilateral treaties and the effect international business treaties have on the U.S. Constitution's Article II; regulations regarding imports and exports; Foreign Sovereign Immunities Act and immunity waivers|
|Tuesday||International trade and comparative advantage||Economic issues associated with international trade, meaning and benefits of open trade, and how trade regulations effect developing countries; meaning and examples of comparative advantage|
|Wednesday||Trade gains and absolute advantage||Concept of gains and specialization in trading; definition of absolute advantage in global goods|
|Thursday||Comparative vs. absolute advantage, trade barrier, tariffs vs. quotas||Differences between comparative and absolute advantage; types of trade barriers; effect of quotas and tariffs on domestic prices and imported goods|
|Friday||U.S. trading, international trade policy and trade organizations||Explanation of U.S. trade policy and law; strategic trade policies and governments' influence on international trade; examples of international trade organizations and trade agreements|
1. Treaties Under Article II of the U.S. Constitution
Treaties are an important part of international law. A treaty is a legally binding agreement made between two or more government entities. This lesson explains the difference between bilateral and multilateral treaties.
2. 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.
3. Sovereign Immunity: Definition, Act and Waivers
The Foreign Sovereign Immunities Act places limitations on lawsuits that involve foreign sovereign nations. This lesson explores the Foreign Sovereign Immunities Act and explains when immunity is applicable.
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.
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.
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.
7. Absolute Advantage in Trade: Definition and Examples
In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.
8. U.S. Trade Policy & Law
American industries depend upon the government for protection against imports and to promote domestic exports. In this lesson, you will be exposed to an overview of U.S. trade policy and law.
9. International Trade Policy & Strategic Trade Policies
Governments sometimes intervene in international trade. In this lesson, we'll examine the arguments against strategic trade policy and discuss the policy instruments used by governments to influence international trade flows.
10. 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.
11. 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.
12. Tariffs and Quotas: Effects on Imported Goods and Domestic Prices
Explore what tariffs and quotas are and what effect they can have on the supply of imported goods. Find out how these two economic tactics can influence the prices you pay for many of the everyday items you may purchase.
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