Unformatted text preview: EC 151 Ch: 9 International Trade
The determinants of trade The winners and losers from trade The arguments for restricting trade International trade How does international trade affect economic wellbeing? Who gains and who loses? How do gains compare to losses? The determinants of trade The equilibrium without trade The world P and comparative advantage World P vs. domestic P If World P > domestic P then the country would become an exporter once trade is permitted If World P < domestic P then the country would become an importer once trade is permitted Relationship between opportunity cost and the World P Comparative advantage The Winners and Losers from trade The gains & losses in an exporting country The gains and losses of an importing country The effects of a Tariff The effects of an import quota The lessons for trade policy The arguments for restricting trade The jobs argument The NationalSecurity argument The InfantIndustry The Unfair Competition Argument The Protectionasabargainingchip argument Unilateral approach to achieve free trade Multilateral approach to achieve free trade Trade agreements and World Trade Organization
NAFTA GATT WTO Pros and Cons to each approach Recap ...
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