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Ch 66: International Trade & the Economy

About This Chapter

Learn more about international trade and how it relates to the health of the economy. Use these video lessons and short quizzes to test your knowledge of the importance of trade barriers, comparative advantage, and trade organizations.

International Trade & the Economy - Chapter Summary

In this chapter, our experts explain the significance of international trade as it relates to the economy. You'll learn about the different types of government enforced trade barriers, free-trade agreements, and exchange rates. Our experienced instructors ease you into studying the effects of trade on the economy, such as employment and economic growth. Once you finish this chapter, you should be able to:

  • Understand the benefits and disadvantages of trade
  • Explain comparative advantage
  • Discuss various trade restrictions
  • Understand the economic impact of quotas and tariffs
  • Clarify the importance of exchange rates and currency conversion
  • Understand what the General Agreement of Tariffs and Trade is and its purpose

Help from an expert is just a few clicks away in the Dashboard if you struggle to understand any of these concepts. It's easy to navigate our videos using the timeline tags if you'd like to go back and review any of the material again. Take the quiz included with each lesson and the test at the end of the chapter to evaluate your knowledge.

6 Lessons in Chapter 66: International Trade & the Economy
Test your knowledge with a 30-question chapter practice test
Comparative Advantage: Definition and Examples

1. 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

2. 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.

Trade Restrictions from the Great Depression to Today

3. Trade Restrictions from the Great Depression to Today

How nations trade is an integral part of their diplomatic relationship. In this lesson, we'll talk about how trade restrictions have impacted and defined American international presence over the last 80 years.

Regional & International Trade Organizations: Types & Examples

4. Regional & International Trade Organizations: Types & Examples

Learn more about international trade organizations in this lesson. Become more familiar with small agreements like the Caribbean Community and Common Market (CARICOM), and larger ones like the European Union and North American Free Trade Agreement.

GATT: Definition, History, Purpose & Members

5. GATT: Definition, History, Purpose & Members

Many nations depend on international trade agreements, such as the General Agreement on Tariffs and Trade (GATT), to stimulate their economies. In this lesson, you'll learn about the history, purpose, and members of GATT.

Exchange Rates & Currency Conversion

6. Exchange Rates & Currency Conversion

After watching this video lesson, you will learn how currency conversion works. You will be able to convert from one currency to another with ease. Learn the process behind currency conversion.

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.
Not Taken

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