Week 1 - Week 1 The World of International Economics...

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Week 1: The World of International Economics, Mercantilism, and the Transition to the Classical World of David Ricardo Introduction: Today, international trade is a growing part of many companies. Technology continues to facilitate this global expansion, making it easier for companies to enter previously unavailable markets. This week's instruction provides you with an overview of the current nature of international trade in goods and services for the world in general and the United States in particular. You will learn about the broad nature of international dealings, as well as about the increased international interdependence that now characterizes the world economy. In addition, this week you will trace out some of the early ideas regarding the basis for international trade and the distribution of trade benefits. The signs and effects of international transactions are evident everywhere. Consider your experience with online purchasing, or the last time you called a technical help line or made an airline reservation over the phone. Think about how the company's international base impacted you. Learning Outcomes By the end of this week, you will be able to: Analyze the current nature of international trade in goods and services for the world in general and for the United States in particular. Evaluate the basic idea of Classical comparative advantage, determine the gains from trade, and justify why trade will lead a country to specialize in production of its export goods. Reading Course Text: International Economics Chapter 1, "The World of International Economics" Chapter 1 provides an overview of international economics and how it influences most facets of society. Numerous tables in
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