Learning Outcome Statements PDF Download
|1. GDP vs. GNP
compare gross domestic product and gross national product;
|2. International Trade
describe benefits and costs of international trade;
contrast comparative advantage and absolute advantage;
compare the Ricardian and Heckscher-Ohlin models of trade and the source(s) of comparative advantage in each model;
|3. International Trade Restrictions and Agreements
compare types of trade and capital restrictions and their economic implications;
explain motivations for and advantages of trading blocs, common markets, and economic unions;
describe common objectives of capital restrictions imposed by governments;
|4. The Balance of Payments
describe the balance of payments accounts including their components;
explain how decisions by consumers, firms, and governments affect the balance of payments;
|5. Trade Organizations
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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