ECON102: Principles of Macroeconomics

Upon successful completion of this unit, you will be able to:

• compare and contrast and discuss absolute advantage and comparative advantage;
  
• explain how the foreign exchange market works, how it reflects changes in the demand for or the supply of a country's currency, and how it relates to a country's net exports;
  
• identify tariffs and quotas in international trade and how they relate to net exports;
  
• explain how comparative advantage relates to the gains from international trade; and
  
• describe the role of international trade in the exchange of currencies.