Gold Coast, Australia
Area of Study
Economics, International Trade
Taught In English
Students must have successfully completed ECON11-100 Principles of Economics or equivalent prior to undertaking IBUS13-351.
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4.5 - 6
Hours & Credits
International Trade is the most rapidly growing component of world production. Increasingly, diplomatic resources are being used to negotiate smoother passages for world trade. This subject introduces simple but powerful theories of why countries produce and export the products they trade. The notion of comparative advantage is fundamental. Discussion covers the distributional implications of trade and the subsequent attempts to intervene in trade to alter the domestic distribution of income. Specific examples from Australian industry and government policy are discussed.Learning Objectives1. Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.2. Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.3. Articulate and refute common fallacies regarding international trade.4. Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.5. Apply knowledge and theory to practical examples and case studies, and analyse outcomes.