General Information
International Trade is the most rapidly growing component of world production. Increasingly, diplomatic resources are being used to negotiate smoother passages for world trade. This subject introduces simple but powerful theories of why countries produce and export the products they trade. The notion of comparative advantage is fundamental. Discussion covers the distributional implications of trade and the subsequent attempts to intervene in trade to alter the domestic distribution of income. Specific examples from Australian industry and government policy are discussed. Please note the CODE for this subject was previously IBUS13-351.
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Details
Academic unit: Bond Business School Subject code: ECON13-303 Subject title: International Trade Subject level: Undergraduate Semester/Year: May 2017 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Lecture: x12 (Total hours: 24) - Weekly Lecture
- Tutorial: x11 (Total hours: 22) - Weekly Tutorial
Attendance and learning activities: It is very important that students attend both the weekly lecture and tutorial. While there are no formal attendance requirements, missing classes would seriously disadvantage students. -
Resources
Prescribed resources: Books
- Reinert, K. (2012). An Introduction to International Economics. n/a, Cambridge Cambridge University Press
iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ECON13-303 |
| Subject title: | International Trade |
| Subject level: | Undergraduate |
| Semester/Year: | May 2017 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | It is very important that students attend both the weekly lecture and tutorial. While there are no formal attendance requirements, missing classes would seriously disadvantage students. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Paper-based Examination (Closed) Final Examination 50% Final Examination Period 1,2,3,4,5 Paper-based Examination (Closed) Mid-semester Examination 30% Mid-Semester Examination Period 1,2,3,4,5 Skills Assignment Two Homeworks 20% Week 1 1,2,3,4,5 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Paper-based Examination (Closed) | Final Examination | 50% | Final Examination Period | 1,2,3,4,5 |
| Paper-based Examination (Closed) | Mid-semester Examination | 30% | Mid-Semester Examination Period | 1,2,3,4,5 |
| Skills Assignment | Two Homeworks | 20% | Week 1 | 1,2,3,4,5 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
Late submissions will normally not be accepted. Homeworks will be collected at the start of the lecture in the specified week and/or as prescribed. Please make sure your work is stapled together.
Academic Integrity
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Bond University utilises Originality Reporting software to inform academic integrity.Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
Please note that the final exam is comprehensive. That is, all material taught over the whole semester is examinable. Please note that with the mid-semester exam all material taught up until that point in the subject is examinable (except for the material taught in the Week 6 lecture). Mid-Semester "Deferred" Exams: If you have an approved application for a deferred mid-semester exam, your final exam grade will be re-weighted from 50% to 80%. No deferred mid-semester exam is offered. Note that the exams are CLOSED BOOK. You may, however, bring in calculators and non-electronic dictionaries. Note that calculators must not be capable of recording text. Please plan to be here throughout the exam period. If you have plans to be away during some part of the exam period, you had better change them ASAP.
Subject curriculum
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Week1. Introduction and Overview
Chapter 1 (no tutorial)
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 2. Absolute and Comparative Advantage
Chapters 2 and 3.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 3. Imperfect Competition and Intra-Industry Trade
Chapter 4.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 4. The Political Economy of Trade
Chapter 5.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 5. Trade Policy Analysis
Chapter 6, 1st Homework Due.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 6. Australian Protectionism
Class Notes.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 7. Mid-Semester Exam to be held in the lecture slot.
No lecture and no tutorial.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 8. WTO and Preferential Trade
Chapters 7 and 8.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 9. International Production
Chapters 9 and 10.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 10. Trade and Development
Chapters 20 and 21, 2nd Homework Due.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 11. International Production and Development
Chapter 22.
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.
- Apply knowledge and theory to practical examples and case studies, and analyse outcomes.
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Week 12. Final Lecture
N/A
SLOs included
- Identify and explain the basic models of international trade - how they work and what role they play in illustrating gains from trade and patterns of trade.
- Identify and discuss how international trade affects the overall welfare of nations, including income distribution effects in developed and less developed economies.
- Articulate and refute common fallacies regarding international trade.
- Describe the various trade policy tools available to governments, and evaluate the costs and benefits associated with the implementation of such trade policies.