Economics

Throughout the course, you have learned about different aspects of international economics. For this assignment, you will be applying what you have learned to complete a final, comprehensive assignment.

Research a region that is moving toward greater economic integration (possible examples: North American countries, the African Union, and the Gulf Cooperation Council among many others). Then, compose a paper that encompasses the following elements that are listed below.

Graphically display patterns of trade among the countries in the region. This can be done with a pie chart or whichever type of chart or graph you find most appropriate.

Describe the degree of economic integration in the region.

Define a free trade area, and apply that definition to your chosen region.
Use two countries from the region and apply the factor-endowment model of trade to the expected trade patterns.
Use the same two countries and assess how external economies of scale will affect the countries (i.e., which industries will be affected and how).
Discuss recent changes in trade policy for the region (and/or changes that are likely to take place in the near future).
Discuss the role international trade has played in the economic development of countries in the region.
Apply the criteria for an optimum currency area to the region.

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