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CHAPTER 1 Introduction: An Overview of the World Economy CHAPTER OUTLINE I. Introduction increasing interdependence 19752002 world trade increases by 266 percent purpose of international economics II. The Scope of International Economics microeconomics macroeconomics international economics course outline chapters 110 microeconomics chapters 1120 macroeconomics keeping international economics in perspective, i.e., domestic economic activity also is important importance of international economics the world economy differences among countries standards of living international trade in services III. The Output of the World Economy the importance of the concept world GDP = $32.3 trillion an aside on the World Bank Table 1.1 IV. Imports and Exports of Goods in the World Economy imports exports Table 1.2 Figure 1.1 world exports and world GDP PASSPORT: U.S. States and Regions in the World Economy V. International Trade in Services issues invisible trade measurement problems a new area of study 1 2 Chapter 1 relative size $3 trillion Table 1.3 a. PASSPORT: The U.S. Position in the World Economy Figure 1.2 VI. Capital Flows in the World Economy multinational corporations (MNCs) portfolio capital foreign direct investment (FDI) Table 1.4 foreign exchange market Figure 1.3 the exchange rate VII.Trends in International Production and Trade Table 1.5 PASSPORT: The Growth of the World Economy: Historical Perspectives and Future Trends VIII. Globalization definition Table 1.6 A country perspective Figure 1.4 A world perspective analyzing globalization costs benefits Introduction: An Overview of the World Economy 3 TEACHING NOTES AND TIPS I. Introduction Notes The introduction begins by emphasizing the interdependence of the economies of the world. The second part is a listing of the topics covered in the chapter. Teaching Tip Introduce the concept of autarky by asking the students what their lives would be like if the U.S. did not interact with any other economies. II. The Scope of International Economics Notes This section shows students how to relate the new course to the courses they have already taken. The emphasis is on reviewing the concepts of microeconomics and macroeconomics and explaining how they relate to international economics. Teaching Tip Emphasize the example in the text on how economics is conceptually like medicine. International economics is one of the major branches of economics that uses concepts developed in other parts of the discipline. In this sense, it is analogous to a major branch of medicine like internal medicine....
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