About This Chapter
International Trade Laws & Regulations - Chapter Summary
In this chapter, you will learn about the importance of the global market and global trade. The forces that affect global trade will be discussed, along with a discussion of international business treaties. The influence and purpose of regional integration will also be presented.
As you progress through the chapter, trade restrictions and foreign labor will be defined, along with the political and economic concepts that affect international trade. Once you have reviewed these lessons, you should understand how to:
- Understand import and export in the global market
- Identify forces that affect trade
- Explain strategies used to break into foreign markets
- State some of the international trade organizations and trade agreements
- Define sovereign immunity
- Describe the New Trade Theory (NTT)
- Compare the advantages and disadvantages of trade protectionism
- Detail strategic trade policies
Use the quizzes and chapter tests before or after you have watched the video lessons to see how well you understand the topic. Our mobile-friendly study materials are created by professional instructors to ensure the learning process is simple and engaging. If you need assistance as you work through the chapter, contact one of our instructors for more help.
1. The Importance of the Global Market and Global Trade: Role & Advantages
We all need resources, products and service to live and thrive. Sometimes these things are not readily available locally. In this lesson, you'll learn about the importance of international trade and globalization in fulfilling our needs and wants.
2. Importing and Exporting in a Global Market: Definition, Process & Importance
The lifeblood of the global market is trade. In this lesson, you'll learn about the importance of importing and exporting and related concepts including trade deficits, balance of payments, and formal and informal barriers to trade.
3. Forces that Affect Trade in Global Markets
The global marketplace is diverse. While diversity provides opportunity, it also provides challenges. In this lesson, you'll learn about the forces that affect trade in the global market. You'll also have a chance to take a short quiz after the lesson.
4. International Business Expansion Methods
Oftentimes, the best opportunities for a business are not at home but abroad. In this lesson, you'll learn about different methods of taking advantage of the international market. You'll also have a chance to take a short quiz after the lesson.
5. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
6. 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.
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.
8. 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.
9. Regional Integration: Definition, Influence & Purpose
Regional integration is when a group of countries get together and develop a formal agreement regarding how they will conduct trade with each other. There are many different levels of involvement, and in this lesson, we will review the types and how a manager should understand and match them to his or her company's international needs.
10. Trade Restrictions and Foreign Labor
Discover why trade restrictions are sometimes used to combat cheap foreign labor. Learn about outsourcing, job protection, and infant industry strategies.
11. 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.
12. 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.
13. 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.
14. New Trade Theory (NTT): Definition & Analysis
In this lesson we'll discuss New Trade Theory. This theory tells us that trading patterns can be explained by economies of scale and network effects. We'll compare the theory to the Traditional Theory of International Trade and look at some examples.
15. 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.
16. 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.
17. 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.
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