About This Chapter
Introduction to International Trade - Chapter Summary
You can familiarize yourself with the regulations and restrictions on international trade with this chapter. Our lessons will help you understand how the global market and economy function. You'll be able to review the ways in which trade affects the world on an international basis. Specific topics covered by this chapter include:
- Comparative advantage
- Benefits of specialization
- The Hawley-Smoot Tariff
- Trade regulations and restrictions in the past and present
- Trade protectionism and world politics
- Foreign currency exchange
The instructors who crafted this chapter are experts in their fields, and will share their in-depth knowledge with you. The video lessons are designed to be brief in order to streamline your studying process. Lessons also include transcripts that you can review, and timelines that allow you to go directly to the subjects you want to study.
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. 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.
3. Comparative Advantage, Specialization & Exchange
Companies and individuals are often faced with the question of, 'What should we do?' This lesson examines comparative advantage, a valuable economic concept that helps firms and people determine how to focus their efforts.
4. 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.
5. Hawley-Smoot Tariff of 1930: Definition & Overview
As the U.S. sank deeper into the economic abyss of the Great Depression, Congress passed the Hawley-Smoot Tariff. Widely considered a disaster, read about the tariff and quiz yourself.
6. 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.
7. 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.
8. 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.
9. Sovereignty in World Politics
The primary players in international politics are sovereign states. In this lesson, you'll learn about the concept of state sovereignty in the international system and related concepts. You'll also have an opportunity to take a short quiz.
10. The Global Economy: Advantages, Expansion & Impact
This lesson will explain the concept of economic globalization. We will look at both its positive and negative effects while also highlighting the terms 'import,' 'export,' and 'capital flight.'
11. Foreign Currency Exchange: Supply and Demand for Currency
In this lesson, you'll learn why money from different countries has different values of exchange. We'll cover the supply and demand for currencies and how changes in supply and demand can affect the exchange rates between currencies.
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