ECON 317 • Midterm • International Economics 1

What Is International Economics About?

Gains from Trade

Patterns of Trade

Effects of Government Policies on Trade

Who Trades with Whom?

Gravity Model

Impediments to Trade

Changing Pattern of World Trade

What Do We Trade?

Service Outsourcing

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Introduction and Comparative Advantage

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One Factor Economy Model

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Trade in One-Factor World

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Misconceptions About Comparative Advantage

Comparative Advantage With Many Goods

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The Specific Factors Model

Production Possibilities

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Price, Wage and Labor Allocation

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International Trade in the Specific Factors Model

Income Distribution and Trade Politics

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International Trade Mobility

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Introduction and Production Possibilities

Choosing the Mix of Input

Factor Prices and Good Prices

Resources and Output

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Trade in Heckscher-Ohlin Model

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Trade and Distribution of Income

North-South Trade and Income Inequality

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Skill-Biased Technological Change

Factor Price Equalization

Empirical Evidence

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Introduction and Production Possibilities

Relative Prices and Demand

Determining Relative Prices

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The Effects of Economic Growth

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Simultaneous Shifts in RS and RD: Tariffs and Export Subsidies

Implications of Terms of Trade Effects

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Intertemporal Trade

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