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International Trade

Picture

Need to Know

At 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


Resources

International Trade - SQ
International Trade - Lq
International Trade Notes

Solutions

2002 Q6
2005 Q5
2008 Q5
2011 Ec Q6

Videos

Comparative Advantage - 60 Seconds
Trade and Comparative Advantage

Why restrict trade?
Methods to restrict trade
Balance of Payments
World Trade Organisation
Trading Blocs
WTO - Noam Chomsky's View
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