Read this chapter. While "we are all a part of the economy, we all buy and sell things daily … we cannot observe all parts and aspects of an economy at any one time". This chapter endeavors to describe policy issues, controversies, the discussions and the history of international trade. You will learn terms, such as international economics, FTAs, GATT, WTO, anti-subsidy laws, and bound vs. applied tariffs.
You will read about real-world issues such as policies that restrict trade and forging agreements to reduce trade barriers. Test your knowledge by answering the exercises in each section.