International Trade

Trade  Trade means buying and selling of goods and services with the view of making profit. Types of Trade  The opposite diagram illustrates the types of trade. International Trade  Inter…

Theories of International Trade

1. Absolute Advantage  It refers to the possession of certain advantages (lower labour costs, plentiful supplies of raw materials etc) by a country which enable it to produce a product more che…

Protectionism

Free Trade It refers to the free flow of goods and services between countries without any kind of trade restrictions. Protectionism It refers to the imposition of trade restrictions on impor…

Trade Blocs

Meaning of Trade Blocs  Trade Blocs are regional groupings of countries to promote free trade among the member countries without any kind of restrictions (such as tariff and quota).  Adv…

The European Union

The EU  came into existence on 1st January 1958 with the Treaty of Rome signed by six countries. Now there are 28 member countries, including; France, Italy, Germany, the Netherlands, Belgium, Lu…

General Agreement on Tariff and Trade

The American and British governments established the GATT in 1948 to provide a system of rules governing international trade. The greatest achievements in international trade liberalizations have …

World Trade Organization

The World Trade Organization established on 1st January 1995 is a legal and institutional foundation of the multilateral trade system. It is the forum in which trade relations among the countries…

International Trade: Chapter Roundup

No country has enough resources to produce goods and services required by its people. Different countries are endowed with differing levels and types of resources which make countries interdependent…

Topic 01: Introduction to Economics

Content Definition of Economics How do Economists define 'Economics'? Some Basic Concepts: Needs and Wants Some Basic Concepts: Resources Some Basic Concepts: Economizing Some Ba…

Definition of Economics

How do Economists define ‘Economics’?

Some Basic Concepts: Needs and Wants

Some Basic Concepts: Resources

Some Basic Concepts: Economizing

Some Basic Concepts: Scarcity

Some Basic Concepts: Choice

Some Basic Concepts: Opportunity Cost

Some Basic Concepts: Production Possibility Curve

Some Basic Concepts: Classification of Goods

Some Basic Concepts: Wealth

Some Basic Concepts: Income

Introduction to Economics: Chapter Summary