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ECS 3702 Complete Study Notes.

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Learning Unit 1 Introduction International trade is an extension of domestic trade, that voluntary involves the exchange of goods and services, which to a larger extent lead to increase in the economic welfare of the ...

Learning Unit 1 Introduction International trade is an extension of domestic trade, that voluntary involves the exchange of goods and services, which to a larger extent lead to increase in the economic welfare of the parties that engage in trade. Through specialisation international trade leads to increase in output as countries specialise in the production and exporting goods they can produce cheap and better. The differences between international trade and domestic trade are many, for instance trade in a domestic country take place through the exchange of goods and services using the same country’s currency. However, international trade will involve the exchange of currencies of different countries first before the goods and services are exchanged. Another difference between international trade and domestic trade is that, in international trade some countries impose restriction of trade which does not exist in domestic trade. These restrictions include restrictions on imports or exports, through the use of taxes or and quantitative methods. These are sometimes called tariffs and quotas. Another difference arises from the factors of production concepts, where we suggest that, factors of production like labour and capital are more mobile in domestic markets as compared to international markets. The restrictive mobility in regard to capital and labour rise from natural, cultural differences that which act as a barrier to movement of people. International Economics Theories and Policies The aim of this course is to explain the international trade theory in regard to basis and gains from trade, as well as the international trade policy in regard to the reasons why different countries impose trade policies that which restrict trade. The globalisation of the world economy Globalisation did began since the 19th century, and has led to tremendous improvements in the living standards of people, through improved telecommunications and transport systems that have allowed for the easy movement of capital from one country to another. It has led to increase in volumes of trade and creation of new markets which allowed improved production processes that allowed for creation of employment. The advantages of globalization are many, however, on the other side of the coin, globalization has got some of its weakness.

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