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International economics is a specialized branch of Economics dealing with both international trade and monetary issues. mywordsolution.com plays an indispensable role in providing all the distinguishing aspects of this course leaving you with no doubts at all. This course introduces the real aspects of the economy highlighted among economists, governments, and civil society today. This is one of the core courses for undergraduate students who can later work in and make contributions to business firms involved in international affairs. This course caters to the students who have an interest in different economies and the relationships between them.
Importance of International Economics Course
In the modern world, there is a mutual interdependence of the various national economies and economies of the world have become open though the degree of openness varies from country to country. No country is self-sufficient and this leads to international specialization i.e. the country specializes in making certain products which are then traded with other countries. With global developments, the internationalisation of economic life is one of the major issues today that cannot be neglected at all. For the sake of profit the welfare of the people in nations that produce goods and services is ignored.
Hereby this course will help to understand its causes and effects in two different sections. The former part will mainly discuss why and how the international trade occurs, who is likely to gain and who is likely to lose from the trade, trade-related laws, agreements, policies, trade barriers, outsourcing, and off shoring. Also, the implications of imperfect competition in international markets and the changing income distribution issue will be discussed.
Other part of the course presents international macroeconomic issues with an overview of the balance of payment accounts and open economy income identities like the determination of nominal exchange rates, overvalued or undervalued currency, large current account surpluses and deficits, failure of some fixed exchange rate regime and end in a currency crisis. Also, the benefits and costs of a common currency are discussed with various examples. With this course, you will be able to understand how domestic macroeconomic policy is designed within the international context and how the coordination of such policies takes place. This is why this course clearly stands out as a separate branch of Economics but of greater importance.
The external sector paves for more employment opportunities for the country men in foreign countries thereby this course builds those required skills in the same. In addition, the foreign exchange remittances act as a major source of foreign exchange earnings for that country.
Difficulties faced by a student while studying in International Economics Course
The study of economics is considered to be the mandatory requirements of this course. Students are required to know the working of economic theories and concepts as well as the important role economic processes play in international exchange. Though every country has its own set of rules thus the students might find it difficult to apply the theories appropriately. Most importantly students should be well aware of macroeconomic concepts. It is essential for students to have an overview of different trade regimes and past events that took place so that they can have a deeper understanding of how this course is helpful and needful.
Graphical representation and its interpretation are one of the mostly used technique to explain any of the concepts in this course thus the ones interested must be skilful in handling the same and must be able to construct if required so. Also the students lacking financial abilities, political and international business aptitude might face difficulties in developing an interest in this course. The course assignments usually stuck to student's life. A student is already struggling with course content and assignments make life more complex. These assignments must be submitted in deadline and students are usually having difficulties to do so. Thus they look for some external help where they can get solutions for their economics problems.
Few important topics and problems in International Economics course
Theoretically the deep understanding of theories and concepts will be very useful when used in its application. Comparative advantage and absolute advantage: consumer and producer surplus are the major topics that are consistently used in many of the concepts. Also the concepts from the view point of sa producer as a monopolist or as a competitive player will help to explain the real and practical part of this course. Macroeconomic concepts like calculation of surplus and deficit, depreciation and revaluation of a currency, determination of exchange rate and its behaviour will help to solve the problems in this course.
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