ECON 43000 - Introduction To International Economics

This course introduces students to the foundational theories of international trade and explores their application to contemporary global economic activities. The analysis emphasizes the real transactional economy-focusing on exchanges involving the physical movement of goods and tangible commitments of resources. Throughout the course, two key themes are examined in parallel: the development and application of international trade theory, and the dynamic interplay between economic principles and political forces.

Preparation for Course
P: ECON 20101 and 20201 with grades of C- or better.
Junior or senior class standing.

Cr. 3.
Student Learning Outcomes
1. Describe foundational theories of international trade, including comparative advantage, Heckscher-Ohlin, and new trade theory.
2. Analyze the effects of trade policies-such as tariffs, quotas, and export subsidies-on domestic and global economic welfare.
3. Evaluate the economic rationale and impact of regional trade agreements and multilateral trade organizations (e.g., WTO, NAFTA, EU).
4. Interpret trade data and indicators, including terms of trade, trade balances, and patterns of specialization.
5. Assess the distributional consequences of international trade, including effects on income inequality, labor markets, and industry competitiveness.
6. Apply trade models to real-world scenarios, such as trade disputes, protectionism, and global supply chain dynamics.
7. Critically examine the role of trade in economic development, especially in emerging and developing economies.
8. Communicate trade-related economic analysis effectively, using appropriate data, terminology, and graphical tools.