2021 CFA Level I Exam: Study Session 5. Economics (2) - Reading 17. International Trade and Capital Flows

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	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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