International Trade is the most rapidly growing component of world production. Increasingly, diplomatic resources are being used to negotiate smoother passages for world trade. This subject introduces simple but powerful theories of why countries produce and export the products they trade. The notion of comparative advantage is fundamental. Discussion covers the distributional implications of trade and the subsequent attempts to intervene in trade to alter the domestic distribution of income. Specific examples from Australian industry and government policy are discussed. Please note the CODE for this subject was previously IBUS71-603
|Faculty||Bond Business School|
|Study abroad||Available to Study Abroad students|
1. Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
2. Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
3. Articulate and refute common fallacies regarding international trade.
4. Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
5. Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
Students must have successfully completed ECON71-600 or equivalent prior to undertaking ECON71-303 or may take ECON71-600 as a co-requisite