Concepts you should be able to explain for the exam:
Social trade restrictions
Regional trade agreements
Balance of payments
Foreign exchange market
Things you should be able to do for the exam.
Explain why nations restrict trade and what are the different strategies they can use.
Discuss how exchange rates are determined
Discuss the differences of the impact of exchange rates on small countries and large countries
Discuss, in depth, the characteristics of international trade of a particular country.
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