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ECO344Social Sciences3 Unitsintermediate

Introduction to International Economics

This course introduces students to the fundamental concepts and theories of international economics. It explores the gains from trade, differences in technology, and the factor model. Students will learn about government policies as determinants of trade and understand the Heckscher-Ohlin theorem. The course also covers topics such as endowment changes, factor prices, and the analysis of competitive equilibrium, providing a comprehensive overview of international economic principles and practices.

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20h
Study Time
13
Weeks
2h
Per Week
intermediate
Math Level
Course Keywords
International EconomicsGlobal TradeTrade TheoryFactor ModelGovernment Policies

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Global Economy

2

Production Possibilities

3

Factor Model

4

General Equilibrium

5

Gains from Trade

6

Technology Differences

7

Heckscher-Ohlin Model

8

Government Policies

9

Endowment Changes

10

Factor Prices

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Trade Analyst

Apply your skills in this growing field

Economic Consultant

Apply your skills in this growing field

Policy Advisor

Apply your skills in this growing field

International Economist

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

International TradeGovernment and Public SectorFinancial ServicesConsultingResearch and Development

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Economy and Global Trade

2h

Unit 1: Global Economy

2 study hours
  • •Read Unit 1: Global Economy, focusing on the history of trade and the importance of international economic issues.
  • •Understand the concepts of the Global Economy and international trade theory.
  • •Identify the advantages and disadvantages of international trade.
Week
2

Module 1: Economy and Global Trade

2h

Unit 2: Supply and Production Possibilities

2 study hours
  • •Study Unit 2: Supply and Production Possibilities, focusing on production functions and returns to scale.
  • •Analyze equilibrium for a single producer and understand the objectives of trade policy.
  • •Practice drawing and interpreting production possibility frontiers.
Week
3

Module 1: Economy and Global Trade

2h

Unit 3: Goods and Factor Model

2 study hours
  • •Read Unit 3: Goods and Factor Model, focusing on the two-good, two-factor model.
  • •Understand the shape of the production possibility frontier and the concept of Competitive Equilibrium.
  • •Explore increasing returns to scale and the basis for trade.
Week
4

Module 1: Economy and Global Trade

2h

Unit 4: General Equilibrium in a Closed Economy

2 study hours
  • •Study Unit 4: General Equilibrium in the Closed Economy, focusing on general equilibrium analysis.
  • •Understand general equilibrium in the open (trading) Economy and the Excess Demand function.
  • •Analyze the shape of excess demand curves and international general equilibrium.
Week
5

Module 2: The Theory of Gains from Trade

2h

Unit 1: Gains from Trade

2 study hours
  • •Read Unit 1: Gains from Trade, focusing on the gains from trade and the gains from trade theorem.
  • •Understand the factors affecting gains from trade.
  • •Review the advantages and disadvantages of international trade.
Week
6

Module 2: The Theory of Gains from Trade

2h

Unit 2: Gain from Exchange

2 study hours
  • •Study Unit 2: Gain from Exchange, focusing on the gains from exchange and specialization.
  • •Understand the distribution of gains with heterogeneous tastes and endowments.
  • •Analyze the concepts of cooperation and conflict in trade.
Week
7

Module 2: The Theory of Gains from Trade

2h

Unit 3: Cause and Consequences of trade

2 study hours
  • •Read Unit 3: Cause and Consequences of trade, focusing on the No-trade Model.
  • •Understand Methodological considerations and Consequences/Effect of international trade.
  • •Analyze Theoretical Issues in International Factor Movements.
Week
8

Module 3: Differences in Technology

2h

Unit 1: Model of Production Function Differences

2 study hours
  • •Study Unit 1: Model of Production Function Differences, focusing on the Model of Production Function Differences.
  • •Understand Absolute and Comparative Advantage and the Production Possibility Frontier.
  • •Analyze Excess Demand and international equilibrium.
Week
9

Module 3: Differences in Technology

2h

Unit 2: Role of Wages In The Ricardian Framework

2 study hours
  • •Read Unit 2: Role of Wages in the Ricardian Framework, focusing on Wage Theory.
  • •Understand the Role of Wages and Model of Wages in Ricardian Framework.
  • •Analyze the impact of wages on international trade.
Week
10

Module 3: Differences in Technology

2h

Unit 3: The Heckscher-Ohlin Model

2 study hours
  • •Study Unit 3: The Heckscher-Ohlin Model, focusing on the Effects of Endowment Differences.
  • •Understand Factor Endowments and Factor Intensities.
  • •Analyze the Heckscher-Ohlin Model and its implications.
Week
11

Module 3: Differences in Technology

2h

Unit 4: The Stolper-Samuelson and Rybczynski Theorems

2 study hours
  • •Read Unit 4: The Stolper-Samuelson and Rybczynski Theorems, focusing on the Stolper Samuelson Theorem.
  • •Understand the Rybezynski Theorem and trade theory with many goods and factors.
  • •Analyze the factor-content theorem and its applications.
Week
12

Module 4: The Factors Model and Government Policies as Determinants of Trade

2h

Unit 1: The Specific Factors Model

2 study hours
  • •Study Unit 1: The Specific Factors Model, focusing on Productivity of Labour.
  • •Understand Determination of Marginal Productivity and Commodity Prices and Factor Prices.
  • •Analyze Exchange Rate Policies and their impact on trade.
Week
13

Module 4: The Factors Model and Government Policies as Determinants of Trade

2h

Unit 2: Endowment Changes and Factor Prices

2 study hours
  • •Read Unit 2: Endowment Changes and Factor Prices, focusing on Factor Endowment Changes, Factor prices and Outputs.
  • •Understand Factor endowments and Factor Prices and Endowment Changes and Outputs.
  • •Analyze The pattern of trade and its determinants.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key concepts and definitions from each unit.

2

Practice solving numerical problems related to trade models.

3

Create diagrams illustrating the effects of trade policies.

4

Focus on understanding the assumptions and limitations of each theory.

5

Prepare detailed notes summarizing the main points of each module.

6

Allocate study time evenly across all units, giving extra attention to challenging topics.

7

Create flashcards for key terms and concepts to aid memorization.

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