Understanding International Trade

Basic concepts of international economics are reviewed to explore how economic factors, such as exchange rates, balance of payments, inflation, labor, tariffs, and the flow of capital, affect trade. Using existing data sources, students explore what countries and regions trade with each other, to what extent, and in what products and services. Students analyze the international trade interactions of a particular state, country, or region, as well as the historical and current factors that impact these patterns. Students explore legal constraints to engaging in international trade, such as requirements for export licenses and screening for individuals and countries where trade is illegal.