International Economics - IIEI-450
Course Description: This senior-level, four-credit-hour course assesses the basic theory of supply and demand and provides an extensive examination of international trade theory and policy issues. Analysis is from the perspective of the person involved in international trade that must know and understand these principles. The course concludes with an thorough examination of balance of payments and an appraisal foreign exchange rates. The intent of this course is to provide the student with a good understanding of the forces that shape international trade and influence international trade policy decisions.
Prerequisite: No specific previous courses required. Requires Junior or Senior status to enroll in this course or instructor permission. Some math skills (basic algebra) are used in this course.
Course Credit: 4 Credit Hours
Major Course Topics & Course Outcomes
As a result of the group and individual activities included in this course, the student will acquire the following knowledge and skills that can be applied to the workplace:
International Trade Theory
- To understand the law of comparative advantage
- To assess the theory of international trade
Supply & Demand
- To understand the dynamics of supply and demand curves
- To understand economies of scale, and imperfect competition
International Trade
- To comprehend to importance of international trade
International Trade Policy
- To know how and why trade barriers and restrictions exist between nations
- To understand how tariffs impact trade and their value
International Trade and Economic Development
- To understand the relationship between international trade and economic development
Balance of Payments
- To know the principles behind the calculation of balance of trade
- To recognize the significance of balance of trade related issues
Exchange Rates
- To understand how the foreign exchange marketplace operates and how events impact the foreign exchange rate
Course Materials:
There is one textbook for this course.
International Economics. Salvatore, Dominick. (8th Edition) Wiley & Sons, 2001. ISBN 0471230707
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