International Trade
Need to KnowAt the end of this section the student should be able to:
Outline the benefits of importing • Outline the benefits of exporting • Define protectionism • Outline the arguments in favour of protectionism • Outline the tactics used by countries to create barriers to trade • Briefly outline the role of the WTO • Define terms of trade • Outline the law of absolute advantage • Outline the law of comparative advantage • Outline the assumptions governing the laws of absolute and comparative advantage • Be able to recognise, given data, when a country has absolute advantage and comparative advantage • Show, given data, how two countries benefit from trade • Calculate the terms of trade for two countries • Explain the Balance of Trade • Explain the Balance of Payments on Current Account • Explain the Balance of Payments of Capital Account • Outline methods of reducing a deficit in the BoP on current account • Outline the factors affecting the competiveness of Irish Firms • Outline the factors that affect the rate of exchange of a currency o PPP o BoP o Speculators o MNCs o Central Banks o International Agreements o Interest Rates • Economic effects of devaluation • Outline the advs and disadvs of fixed and floating exchange rates • Effects of the introduction of the euro on the Irish Economy |
ResourcesSolutionsVideos
|