ECON 333International Economics

3 credits · Economics · Penn State

ECON 333 , International Economics (3 credits) (GS) (BA). This course applies the knowledge from Introductory of Microeconomics ( ECON 102 ) and Introductory of Macroeconomics ( ECON 104 ) into International trade. Students will learn about why nations trade and the effects of trade on both consumer and producer. Some people will gain and some people will lose from trade and students will learn how to measure gain and loss from trade. This class also introduces trade barrier policies imposed by the government such as tariff, quota, subsidy and other commercial policy such as dumping and countervailing duty. The creation of the international organizations, such as the World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT) are discussed. Later in the course, the Macroeconomics side of the international trade is discussed as well as the Balance of Payments, which is a way to summarize and measure a countries trade with the rest of the world. Students will also examine some of the basics of the foreign exchange market and the relationship with the interest rates. Toward the end of the course, the lessons will cover the International monetary systems, which include the gold standard, Bretton Woods system, fixed exchange rates, and flexible exchange rates