International Economics Overview - 11th Edition

Significant global economic issues facing nations in the world, including slow growth, protectionism, exchange rate volatility, and structural imbalances.

Deepest financial and economic crisis since the Great Depression, marked by slow growth and high unemployment.

Government policies that restrict international trade, often leading to trade wars.

Large and persistent fluctuations in currency values, hindering international trade and investments.

Deep-seated economic problems, like slow growth in certain regions or insufficient restructuring in others, impacting global trade.

Significant poverty and inequality in many developing countries.

Limited resources affecting global economic growth and sustainable development.

Environmental degradation and climate change posing risk to development in all countries.

The study of the principles and gains from international trade, including the basis of trade.

The study of obstacles and regulations that affect the flow of international trade.

A record of a country's international transactions, showing inflows and outflows of funds.

Markets where currencies are traded, determining exchange rates.

The process of establishing the value of one currency relative to another.

Differences in earnings between workers, often due to factors like skill, education and location.

North American Free Trade Agreement, an agreement promoting free trade.

The increasing interconnectedness and interdependence of countries through trade, technology, and culture.

Credits represent inflows of money into a country, while debits represent outflows of money.

A method of recording financial transactions by entering both sides of each transaction, ensuring accuracy.

Any economic exchange involving a country and another country, such as trade, investments, and tourism.

The most significant goods that a country sells (exports) and buys (imports).

Economic model explaining how trade affects the distribution of income.

How well an economic model matches real-world observations.

Trade theory detailing how a country's resources influence its exports and imports.

Empirical finding contradicting the Heckscher–Ohlin model's predictions.

Lower average costs as production increases.

Markets where firms have some control over prices.

Exchange of goods and services among countries.

The study of macroeconomic relationships between a country's domestic economy and the rest of the world.

The system of rules, customs, and institutions that govern international monetary transactions.

A course typically covering core chapters (1, 2–3, 5, 9, 13–17, 21).

A course typically covering Chapters 1 to 12 and 21.

A course covering Chapters 1 and 13 to 21.

Examples used to reinforce understanding and highlight key topics in economics chapters.

Using a single graphical and numerical model throughout relevant chapters for better clarity.

Chapter sections broken into subsections for easier navigation and focus.

A U.S. law that gave the president more power to negotiate reciprocal trade agreements with other countries, lowering tariffs and promoting free trade.

A multilateral agreement signed in 1947 to reduce trade barriers and promote free trade among member countries. It evolved into the World Trade Organization (WTO).

A U.S. law that aimed to reduce tariffs further and promote trade expansion, particularly with developing countries.

A U.S. law that focused on reforming trade policies by simplifying tariff structures and promoting fair trade practices.

The eighth and final round of multilateral trade negotiations under GATT, which led to the establishment of the World Trade Organization (WTO) in 1995.

The ninth and most recent round of trade negotiations under WTO, focusing on developing countries' needs and issues like agricultural trade and intellectual property.

The increase in trade between countries within a customs union due to the removal of tariffs.

The shift in trade from a more efficient non-member country to a less efficient member country within a customs union. This occurs due to lower tariffs.

A trade bloc where member countries eliminate tariffs on goods traded among themselves but maintain a common external tariff on goods from non-member countries.

A trade bloc where member countries eliminate tariffs on goods traded among themselves but retain independent external tariffs on goods from non-member countries.

A political and economic union of European countries that has evolved from a customs union into a single market with free movement of goods, services, capital, and labor.

A trade agreement between Canada, Mexico, and the United States, eliminating tariffs on most goods traded between them.

The ratio of a country's export prices to its import prices. It reflects the relative value of a country's exports compared to its imports.

Fluctuations in a country's export earnings due to factors like price volatility, changes in demand, and supply shocks.

A development strategy that focuses on replacing imports with domestically produced goods to reduce dependency on foreign products and encourage local industries.

A development strategy focused on promoting exports to earn foreign exchange, stimulate economic growth, and increase competitiveness in global markets.