About This Chapter
International Trade & Business Law - Chapter Summary and Learning Objectives
International trade concepts, such as business treaties, regulations, tariffs and trade agreements, are emphasized in this chapter. Professional instructors guide you through lessons on types of treaties, US trade policies and issues that occur in international trade. You'll get definitions of key terms, like comparative advantage and absolute advantage, and find out the difference between tariffs and quotas. When you've watched all the videos in this chapter, you'll be familiar with the following:
- Bilateral and multilateral treaties
- Regulation of exports and imports
- International trade politics
- U.S. and international trade policies
- Global trade organizations
|International Business Treaties||Defines a treaty and discusses the importance of Article II of the U.S. Constitution. Explains the differences between bilateral and multilateral treaties.|
|International Trade Regulations & Restrictions||Provides definitions for exports and imports. Summarizes international trade laws and restrictions and identifies the different regulating organizations.|
|Sovereign Immunity: Definition, Act and Waivers||Examines the Foreign Sovereign Immunities Act and defines sovereign immunity. Describes exceptions to the sovereign immunities act and activities that could result in lawsuits.|
|The Economics & Politics of International Trade||Discusses basic economics of and issues in international trade. Defines open trade and lists the benefits and drawbacks of more open trade. Analyzes how developing countries are impacted economically by different forms of trade regulation.|
|Comparative Advantages: Definition and Examples||Uses the two goods example to define the Law of Comparative Advantage. Includes a discussion on opportunity costs.|
|Gains From Trade and the Benefit of Specialization||Examines why specialization and trade are beneficial for the U.S. and other countries. Uses the gains from trade concept to explain the benefits.|
|Absolute Advantage in Trade: Definition and Examples||Offers two in-depth examples to explain absolute advantage. Describes the difference between absolute and comparative advantage.|
|Differentiating between Comparative and Absolute Advantage||Provides detailed explanations to describe the significance of the differences between these two concepts.|
|Trade Barriers: Definition & Types||Defines the trade barrier concept. Offers descriptions of the various types of trade barriers that exist.|
|Why Economists Prefer Tariffs to Quotas||Examines tariffs and quotas in detail and explains why economists prefer tariffs.|
|U.S. Trade Policy & Law||Summarizes US trade policies and laws.|
|International Trade Policy & the Disadvantages of Strategic Trade Policies||Explains the reasons that governments might intervene in international trade and introduces arguments used against strategic trade policy. Describes the policy instruments used by governments to influence international trade.|
|International Trade Organizations and Trade Agreements||Describes the roles of agencies like GATT, NAFTA and the World Trade Organization.|
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. 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.
6. 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.
7. 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.
8. 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.
9. 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.
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