Historically, international trade has played a critical role in enabling countries to grow, develop, and become economically powerful. Through international trade in goods and services, the economies of different countries are more closely linked to one another now than ever before. At the same time, the world economy is more turbulent now than it has been in decades. Keeping up with the shifting international environment has become a central concern in business strategy and national economic policy. This course uses the same fundamental methods of analysis deployed in other branches of economics, as the motives and behavior of individuals and firms remain the same whether they are in the context of international trade or domestic transactions. The student will learn, however, that international trade introduces an entirely new and different set of concerns as well. Upon successful completion of this course, the student will be able to: Have a good understanding of the fundamentals of global economics; Have a rounded overview of the modern international trade theory; Understand the current world trading system and the basic rules underlying this system; Study and discuss historic, current, and emerging economic models in the United States and around the world; Understand recent developments in the field of international macroeconomics and perform an independent study in this field; Acquire and demonstrate analytical and problem solving skills to discuss and analyze the global economic environment within which business operate; Acquire an analytical framework to examine contemporary international economic issues; Acquire a general overview of international trade, the foreign exchange markets, and the issues arising from the globalization of markets; Understand the concepts of foreign exchange, its importance to individuals, businesses, and the performance of national economies, and how foreign exchange markets work; Analyze policy issues related to international trade; Understand the legal system governing international economic transactions and international economic relations; Assess actual dispute settlement proceeding and discuss several dispute settlement cases that address a wide variety of issues such as antidumping, subsidy, safeguard, and environment; Answer the four trade questions: 'Why do countries trade?,' 'How does trade affect production and consumption in each country?,' 'Which country gains from trade?,' and 'Within each country, who are the gainers and losers from opening trade?' (Economics 307)

This is a Principles of Macroeconomics Course developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in January 2019. The course is part of the Ohio Transfer Assurance Guides (TAGs) as OSS 005. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Team LeadAmyaz Moledina                                  College of WoosterContent ContributorsRosemarie Emanuele                          Ursuline CollegeKenneth Fah                                        Ohio Dominican UniversityDarcy Hartman                                    Ohio State University – NewarkLibrarianNathan Wolfe                                       Kenyon CollegeReview TeamSeth Kim                                              Central Ohio Technical CollegeJoe Nowakowski                                  Muskingum University 

This topic is considered optional as it would primarily be part of a principles of microeconomics course. If microeconomics is a prerequisite for macroeconomics, this topic can either be skipped entirely, or could be reviewed briefly. In some macroeconomics principles courses, this may need to be presented as new information. Learning objectives of particular interest for a macro course are 1, 2, 7, and 8. Please note that some of the learning objectives contained in this section may overlap with the International Trade unit.

The Principles of Microeconomics course was developed through the Ohio Department of Higher Education OER Innovation Grant. This work was completed and the course was posted in December 2019. The course is part of the Ohio Transfer Assurance Guides and is also named OSS004. For more information about credit transfer between Ohio colleges and universities, please visit: www.ohiohighered.org/transfer.Content ContributorsKen Fah                                             Ohio Dominican UniversityJohn Fiske                                         Ohio Dominican UniversityJoe Nowakowski                                Muskingum UniversityLibrarianNathan Wolfe                                     Kenyon CollegeReview TeamMolly Cooper                                     Ohio State University Subbu Kumarappan                          Ohio State University ATI 

In this topic, students will be introduced to the elements of international trade. They’ll learn about the gains from trade and how they arise. They’ll learn the difference between absolute and comparative advantage and why comparative advantage is the key to profitable trade. They’ll also be exposed to the types of trade restrictions imposed by governments and the usual justifications for those restrictions.            

This topic introduces key concepts that form the foundation of much of microeconomic analysis. The material ranges from a discussion of model-building as a way to simplify complex relationships among economic variables to definitions and descriptions of key concepts such as scarcity, efficiency and inefficiency, opportunity cost, comparative advantage and the gains from trade.