About This Chapter
Understanding International Trade & Business Law - Chapter Summary
This comprehensive business chapter is designed to refresh your knowledge of business and international trade law. Taught by expert instructors, these informative video lessons examine a variety of international trade policies, restrictions and regulations. The lessons also define and contextualize relevant concepts, such as sovereign immunity, comparative advantages, quotas and tariffs. You'll be able to work through the chapter at your own pace, and our instructors are happy to answer any questions you may have. The chapter is also accessible on any computer or mobile device. Studying this chapter can help you:
- Evaluate the treaties that fall under Article II of the Constitution
- Assess international trade restrictions and regulations
- Define the concept of sovereign immunity
- Describe the politics and economics of international trade
- Understand the differences between absolute and comparative advantage
- Explain how quotas and tariffs affect imported goods and domestic prices
- Summarize international, U.S. and strategic trade policies
- Recognize several international trade organizations
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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