About This Chapter
International Trade in Microeconomics - Chapter Summary
Understanding international trade in microeconomics is made simple using this chapter's informative lessons. Top instructors provide in-depth analyses of topics that include the politics of international trade, trade agreements and price controls in international trade. Review these lessons anytime, using any computer or mobile device with Internet access. Take short quizzes to assess your comprehension of the lessons you review. If you develop questions about topics covered in this chapter, feel free to send them to our experts. When finished, you will be able to do the following:
- Explain the economics and politics of international trade
- List international trade organizations and discuss trade agreements
- Describe the impact of trade barriers on prices and demand
- Share examples of price controls in international trade
1. 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.
2. 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.
3. Trade Barriers: Impacts on Prices & Demand
All countries desire trade as a way of increasing their wealth, but very often they want it on their own terms. This lesson looks at the trade barriers that many countries establish, as well as the effects of such limitations.
4. Price Controls in International Trade: Definition & Examples
Price controls may be implemented to benefit a certain group, but they have consequences. This lesson will discuss price controls and their impact on trade.
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Other chapters within the TECEP Microeconomics: Study Guide & Test Prep course
- Basic Economic Concepts
- Supply & Demand in Microeconomics
- Consumers, Producers & Market Efficiency
- Taxation in Microeconomics
- Public Sector Economics
- Costs in Economics
- Market Structures
- Profit & Capital Allocation
- Labor Market Economics
- Theories & Trends in Microeconomics
- TECEP Microeconomics Flashcards