ECON 3506 - International Trade III
North Terrace Campus - Semester 1 - 2017
General Course Information
Course Code ECON 3506 Course International Trade III Coordinating Unit School of Economics Term Semester 1 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Incompatible ECON 3021 Assumed Knowledge ECON 2506 Course Description This course deals with the theory and practice of international trade and of trade-related policies. It focuses on analysing the gains from trade, the changing patterns of trade, the income distributional consequences of liberalising foreign trade, the relationship between trade, investment, and economic growth, and the reasons for and consequences of trade policies.
Course Coordinator: Dr Raul BarretoTutor:
Jacky Charles email@example.com
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesThe purpose of this course is to provide students with a thorough grounding in the theory of international trade as well as international trade policy and to demonstrate the relevance of the theory in the analysis of (a) existing patterns of international trade and what determines them, (b) the conduct of trade policy and (c) the economic implications of international trade and trade policy both for individual economies such as Australia and the wider international community.
On successful completion of this course, students will be able to:
- Compare at the level of formal analysis the major models of international trade and be able to distinguish between them in terms of their assumptions and economic implications.
- Employ the principle of comparative advantage and its formal expression and interpretation within different theoretical models
- Apply partial equilibrium and (where required) general equilibrium models in analysing the economic effects of (a) trade policy instruments such as tariffs, quotas, export subsidies, (b) retaliatory measures such as anti-dumping duties and countervailing duties and (c) the creation of regional trading arrangements such as free trade areas, customs unions and common markets.
- Distinguish and critically analyse the main arguments for protection and conversely be able to critically evaluate the relevance and realism of arguments for free trade, taking into account the costs and benefits of trade policy measures on different sections of the community and the implications for the formulation of trade policy.
- Identify major recent developments in the world trading system, and be able to critically analyse key issues raised both by the current round of WTO negotiations and by the spread of regional trading arrangements.
- Develop communications skills through the presentation of your work, interactions during tutorial sessions, and appropriate use of the discussion.
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1-6 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
1-6 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
5,6 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
1-6 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- Able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
4,5,6 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
International Trade: Theory and Evidence by Markusen, Melvin, Kaempfer and Maskus, Mcgraw Hill, 1995
*** This textbook is available free of charge and may be downloaded from: http://spot.colorado.edu/~markusen/textbook.html ***
Robert C. Feenstra and Alan M. Taylor, International Trade (3rd Edition), 2014 Worth Publishers.
Online LearningMyUni - http://www.myuni.adelaide.edu.au
Other online Resources:
International Center for Trade and Sustainable Development: http://www.ictsd.org
The World Bank: http://www.worldbank.org
Alan Deardorff’s Glossary of International Economics Terms: http://www.personal.umich.edu/~alandear/glossary
Learning & Teaching Activities
Learning & Teaching Modes
Learning in this course is through lectures, tutorials, and personal study.
The lectures will provide you with the necessary understanding of the material to be able to solve the exercises you will be given during tutorials or exams.
Tutorials represent an important learning component of the class. Students are expected to work through the assignments and prepare solutions to be discussed during the tutorial time.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.
Lectures: 2 Hours per week
Tutorials: 1 Hour per week
Home study expectation: 6 Hours per week
Learning Activities Summary
Teaching & Learning Activities Related Learning Outcomes Lectures 1-5 Tutorials 1-6
Part I Introduction Chapters Wk 1 Technical Concepts - Markusen, et.al., 1 - 4 Wk 2 Why do countries trade? - Markusen, et.al., 5 - 6 Part II Theoretical Analysis of International Trade Wk 3 The Classical Model: Differing Technologies- - Markusen, et.al., 7 Wk 4 & 5 The Heckscher - Ohlin Model - Markusen, et.al., 8 Wk 5 & 6 The Specific Factors Model - Markusen, et.al., 9 Mid Semester Examination Wk 7 Government Policies as the Determinants of Trade - Markusen, et.al., 10 Wk 8 Imperfect Competition as the Determinant of Trade and the Gains from Trade 11 Increasing Returns to Scale - Markusen, et.al., 12 Wk 9 Tastes, Per Capita Income, and Technological -
Change as the Determinants of Trade - Markusen, et.al.,
13 Empirical Studies of Comparative Advantage Models - Markusen, et.al., 14 Part III Trade Policy Wk 10 Tariffs - Markusen, et.al., 15 Quotas and Other Non-tariff Barriers - Markusen, et.al., 16 Week 11 Imperfect Competition, Increasing Returns -
Strategic Trade Policy - Markusen, et.al.,
17 Preferential Trade Areas 18 Week 12 The Political Economy of Trade Policy 19 Administered Protection 20
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Task Due Date/ Week Weight Length(Word,Time) Learning Outcomes Mid-term Exam Week 7 30% TBA 1 - 4 Tutorial Assignments Every week 20% TBA 1 - 6 Final Exam Week 13 50% TBA 1 - 5 Total 100%
NOTES ON ASSESSMENT
The Tutorial mark will be broken down as follows;
Tutorial Participation -- 5%
Weekly Opportunities (To be done once throughout the semester by each student) You are required to present the solution to one of the tutorial exercises on the board to receive a grade of up to 5%. You will receive the following marks according to your performance, based on effort and presentation, as well as correctness: 0-no participation, 1-poor, 3-fair, 5-excellent.
Here is some clarification on how the tutorial participation marks are to be assessed. The tutor will solve one assigned question for each week (which I will choose). For each additional question, the tutor asks for a volunteer to solve it on the board. After each student presents the question in the tutorial, the tutor will record the student's grade in his/her grade book, and also write the grade on a piece of paper to show the student her grade when the student is done solving on the board. Suppose no student who has not yet presented volunteers to present a question. Only in this case will we allow a student who has already presented to volunteer and come up to the board. The student then has a chance to raise her grade. This is due to time constraints, as we may not have enough questions for every student in the class to present multiple questions for the chance to raise her grade. In general, it is voluntary for students to come and solve a question. However, if there is absolutely no student who wants to solve a particular question (either has or has not presented before), then the tutor will arbitrarily pick a student who HAS NOT presented before to solve the question.
Tutorial Attendance-- 5%
Irrespective of whether you choose to participate, you may receive a mark for attending tutorials. You will receive 0.5 point for each week you attend. Youe final score will be your attendance out of a possible 5 marks.
Tutorial Assignment -- 10%
The tutorial assignment Grade will consist of the best 8 of 11 scores from the weekly tutorial assignment.
Each tutorial assignment will consist of one from the weekly set of tutorial questions for the student to independently complete and submit online via the TurnItIn feature of MyUni.
The assessment addresses University Graduate Attributes to achieve the Course Learning Outcomes as follows.
Assessment Detail University Graduate Attribute Learning
Tutorial Discussion Critical thinking and problem solving
Teamwork and communication skills
1,2,3,4,5,6 Online Submission Critical thinking and problem solving
Career and leadership readiness
The mid semester test is a two hour in-class assessment consisting of a series of essay questions similar to those faced in tutorials. The format is similar to the final exam.
The goal of this assessment is to effectively prepare tht estudents for the final exam in that the students may become familiar with the format of the final as well as acclimated to the pressure inherent in final examinations.
Assessment Detail University Graduate Attribute Course Learning
Mid Semester Test Critical thinking and problem solving
Career and leadership readiness 1,2,3,4
Assessment Detail University Graduate Attribute Course Learning
Mid Semester Test Critical thinking and problem solving
Career and leadership readiness
It is each student's responsibility to read the examination timetable.
Assignments are to be submitted via the Professions Undergraduate Hub on Ground Level of Nexus 10.
Assignments will generally be returned during tutorials/lectures the week following submission.
Students must not submit work for an assignment that has previously been submitted for this course or any other course without prior approval from the lecturer-in-charge.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.Additional Assessment
If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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