International Trade – Essay Example
The paper "International Trade" is an excellent example of an essay on macro and microeconomics. International trade is a key topic that you will learn in Macro Economics It deals with the exchange of goods and services across international boundaries. International trade was my favorite topic in the Macro Economics class because it exposed me to a whole new world of doing business and how it has shaped and spurred globalization. I was particularly interested in how international trade assists me to enjoy the benefits of the current top of the range gadgets such as the iPhone and computers although they are not manufactured here in Austria. As I took this course, I learned many new things. For instance, I realized that international trade is curtailed by tariffs charged when goods move across international boundaries. This makes exports expensive and to solve this hiccup, countries form trading blocs such as the European Union (EU) which Austria is part of to facilitate free trade among member countries. I also realized that there are different models of international trade and traders face both political and economic risks when they go abroad. Working on the final project was a great learning experience. It allowed me to do more detailed research and learn about the position of Austria in world trade particularly its association with the EU. In the future, I think the international trade project should not be limited to Austria but should cover more countries particularly those in Asia. Finally, if you want to be successful in this course you need to have a good grasp of economics and add a little flavor of politics and international relations. It will assist you to know the role of politics in decision making which ultimately affects international trade.