ECON 3HH3 Lecture Notes - Lecture 1: Smoot–Hawley Tariff Act, Offshoring, Break Bulk Cargo
8 Feb 2015
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Document Summary
On april 14, 2010, the eyjafjallajokull volcano in iceland roared to life after being dormant for more than two centuries. An event like this has dramatic consequences for international trade, the movement of goods and services across borders. Europe were cancelled, and billions of dollars in air freight and millions of travelers were delayed, cancelled, or re-routed. In this course, we will study international trade in goods and services. We will learn the economic forces that determine what that trade looks like: what products are traded, who trades them, at what quantities and prices they are traded, what the benefits and costs of trade are. We will also learn about policies that governments use to shape trade patterns among countries. Countries buy and sell goods and services from one another constantly. An export is a product sold from one country to another. An import is a product bought by one country from another.
