ECF3121 Economics of international trade
Faculty of Business and Economics
ECF3121 Economics of international trade is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 1 at Caulfield. It needs ECF2731, ECW2731, ECC2000 or ECB2731.
- Credit points
- 6
- Offered in 2023
- Semester 1
- Caulfield
- Assessment
- Exam 40%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
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Requisites
Before ECF3121
Prohibitions
You can't enrol if you have passed any of these.
Prerequisites
Pass these before you enrol.
After ECF3121
No unit lists ECF3121 as a prerequisite in the 2023 handbook.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Overview
This unit aims to deepen your understanding of globalisation with a particular focus on international trade. The unit begins by describing historical global patterns of international trade, investment and migration. It turns to the question of why countries engage in international trade. In answer, it covers the main theories of international trade that show how differences in technology or resources can create opportunities for mutually beneficial gains from trade. Within these theories, the unit provides insights into the relationship between trade and inequality within and across countries. Then the unit analyses the effects of tariffs, quotas and other policy instruments on welfare. Finally, the unit considers the effect of international agreements on countries’ welfare, labour and environmental standards.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
Assessment
- Within semester assessment60%
- Examination40%
Learning outcomes
When you finish this unit, you should be able to:
- 1
understand why countries engage in international trade
- 2
explain the main determinants of a country’s trade
- 3
explain that there are gains from trade that are unevenly distributed across and within countries
- 4
understand the welfare consequences of trade policy
- 5
understand and analyse data on countries’ international trade
- 6
be more critical in your assessment of current debates over globalisation.
Workload and teaching
- Lectures24 hours
- Tutorials12 hours
- Teaching approachProblem-based learning
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ECF3121 is part of 1 area of study in the 2023 handbook.
Contacts
- Chief Examiners
- Associate Professor Laura Puzzello
Common questions
What are the prerequisites for ECF3121?
You need ECF2731, ECW2731, ECC2000 or ECB2731 before you enrol. Enrolment rules also apply.
When is ECF3121 offered?
In 2023, ECF3121 runs in Semester 1 at Caulfield.
How much work is ECF3121?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ECF3121 have an exam?
Yes. The exam is worth 40% of the final mark, alongside 1 other task.
Which majors and minors include ECF3121?
ECF3121 is part of Economics and business strategy.