Mar 21, 2023
ECON 2400 - International Trade Relations and Applications
This course examines the basic principles that govern international trade and their current applications. The emphasis is on the empirical evidence of world trade patterns and trade policies of both developed and developing nations. Topics include: the principle of comparative advantage; tariffs and non-tariff trade barriers; industrial policies; World Trade Organization (WTO); regional trade agreements; multinational enterprises.
Credit Hours: 3
OHIO BRICKS Arch: Connected World
General Education Code (students who entered prior to Fall 2021-22): 2SS
Repeat/Retake Information: May be retaken two times excluding withdrawals, but only last course taken counts.
Lecture/Lab Hours: 3.0 lecture
Grades: Eligible Grades: A-F,WP,WF,WN,FN,AU,I
Course Transferability: OTM course: TMSBS Social & Behavioral Sciences
College Credit Plus: Level 1
- Students will be able to explain key concepts and principles of international trade.
- Students will be able to apply basic principles of international trade such as the principle of comparative advantage to explain why nations trade with each other.
- Students will be able to apply basic principles and theories of international trade to current applications using newspaper articles, case studies, and video clips.
- Students will be able to evaluate evidence in order to make informed decisions about trade related issues.
- Students will be able to discuss the overall gains and income distribution effects of trade and the welfare effects of trade policies from the perspective of developed and developing nations.
- Students will be able to identify trade related issues and problems that face nations and consider policies aimed at improving economic conditions of nations.
- Students will be able to use empirical evidence of world trade patterns and trade policies to develop a critical analysis of the gains from trade and the role of protectionist policies.
- Students will be able to analyze assumptions of the basic theories of trade and discuss how relevant these assumptions are in the modern world.
- Students will be able to state a position on what they consider is the major source of comparative advantage for various groups of countries.
- Students will be able to state a position on whether free trade or trade with barriers is likely to be more optimal.
- Students will be able to examine the costs and benefits of tariffs and non-tariff barriers and evaluate the effectiveness of industrial policies and regional trade agreements in the global trading system.
- Students will be able to analyze the economic forces underlying the international movement of factors of production and the role of multinational enterprises in the global trading system.
- Students will be able to state conclusions about the pattern of world trade, gains from trade, and the effectiveness trade policies, regional trade agreements and multinational enterprises.
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