- Understand the terms of trade.
- Analyze how specialization and trade can increase consumption for both all trading partners.
- Understand the difference between absolute advantage and comparative advantage.
- Learn to identify those who benefit and those who become worse off with free trade.
- Analyze the impact of trade restrictions on jobs.
- Chapter 3
- This article gives some good illustrations of the effects of trade restrictions.
- This article on what happened to Argentina when it imposed trade restrictions.
- Watch Khan on comparative advantage and trade (8:55)
- Is nothing the best response to China’s theft of intellectual property? This podcast from Planet Money says, “Yes”.
- A podcast from Planet Money on the WTO. Can’t live with it, hard to crush your trade opponents without it.