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Learning Outcome Statements PDF Download
|1. GDP vs. GNP|
a. compare gross domestic product and gross national product;
|2. International Trade|
b. describe benefits and costs of international trade;
c. distinguish between comparative advantage and absolute advantage;
d. explain the Ricardian and Heckscher-Ohlin models of trade and the source(s) of comparative advantage in each model;
|3. International Trade Restrictions and Agreements|
e. compare types of trade and capital restrictions and their economic implications;
f. explain motivations for and advantages of trading blocs, common markets, and economic unions;
g. describe common objectives of capital restrictions imposed by governments;
|4. The Balance of Payments|
h. describe the balance of payments accounts including their components;
i. explain how decisions by consumers, firms, and governments affect the balance of payments;
|5. Trade Organizations|
j. describe functions and objectives of the international organizations that facilitate trade, including the World Bank, the International Monetary Fund, and the World Trade Organization.
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