INTERNATIONAL TRADE - 2021/2
Module code: ECO3042
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The module broadly covers two parts. In the first part we concentrate on the theoretical foundations of international trade, i.e. address the questions “why do we trade” and “is trade good for us”. In the second part we focus on the policy instruments that are available to the designers of trade policy; our analysis involves issues related to the potential costs and/or benefits to a range of stakeholders of trade barriers, e.g. tariffs and quotas. We also investigate the issues of international trade agreements.
GOLSON Eric (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 6
JACs code: N100
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Indicative content includes:
- Trade and technology in the Ricardian model,
- gains and losses from trade in the Specific-Factors model,
- trade and resources in the Heckscher-Ohlin model,
- economies of scale, monopolistic competition and trade, oligopoly and trade,
- movement of labour and capital,
- firms in the global economy,
- international trade policies,
- international trade agreements and the WTO,
- global production chains and regional trade blocs,
- brexit and challenges to the international trade system.
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||CLASS TEST (1 HOUR)||30|
|Examination||FINAL EXAMINATION (2 HOURS)||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate:
Their understanding of basic principles and models in trade theory and and how these principles and models allow to explain the allocation of resources across industries, trade patterns across counties, the behaviour of different agents with respect to trade liberalisation, the functioning of trade policy and recent changes in the international trade system.
Thus, the summative assessment for this module consists of:
Students are assessed by weekly quizzes, a class test, essay and final examination.
The eight weekly short quizzes require student to answer a series of short comprehension questions on the weekly topics. The average of these quizzes are worth 20% of the final mark.
The midterm test requires students to answer a choice of short questions. It is designed to ensure that students can demonstrate their knowledge of key models of trade. Worth 20% of the final mark.
The essay requires students to answer a long-answer question on a current international trade topic, applying theory and empirical evidence. Worth 20% of the final mark.
The final examination offers a choice of short questions and longer (quantitative and essay) questions. Worth 40% of the final mark.
The quantitative questions allow the students to apply their knowledge of the studied principles and models in a quantitative context. They require analytical skills to explain derived results.
Formative assessment and feedback
Students receive verbal feedback during lectures and seminars in which multiple questions and real-world examples of the trade policy and models are discussed. In addition to this, they receive a number of problem sets designed to further their knowledge and prepare them for the summative assessment which are discussed in seminars. Students receive guideline solutions against which they can compare their own results. Before the class test and exam, some sample questions are made available for students to familiarise themselves with the style of the assessment. General feedback will be provided after the weekly quizzes, class test and essay.
- Introduce students to the fundamental reasons for why countries trade and why this can be beneficial to a country’s welfare
- Help students understand and apply fundamental economic theories of international trade
|001||Explain, discuss, and apply fundamental theories of international trade||KCT|
|002||Discuss and evaluate the effects and consequences of different trade policies; on consumers, producers, and welfare||KCPT|
|003||Evaluate the effects of different types of trade agreements||KCPT|
|004||Understand how challenges to the international trade system change trade patterns||KCPT|
|005||Discuss the role of International Organisations in the evolution of trade policy||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 121
Lecture Hours: 22
Tutorial Hours: 7
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- Enhance students’ ability to analyse independently the fundamental economic theories of international trade.
- Enhance students’ skills in evaluating trade policies and effectively communicate these evaluations in verbal and written form.
- Appreciate the various trade-offs that surround the decision-making processes in international trade.
The learning and teaching methods include:
1 hour asynchronous lecture per week x 11 weeks
1 hour synchronous workshop per week x 11 weeks
1 hour feedback seminar sessions x 10 weeks
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: ECO3042
Programmes this module appears in
|Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Business Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Finance BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Economics and Mathematics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Politics and Economics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
|Financial Mathematics BSc (Hons)||1||Optional||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2021/2 academic year.