Module code: ECO3042

Module provider


Module Leader

PETROPOULOU D Dr (Economics)

Number of Credits


ECT Credits



FHEQ Level 6

JACs code


Module cap (Maximum number of students)


Module Availability

Semester 1

Overall student workload

Independent Study Hours: 128

Lecture Hours: 22

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test CLASS TEST (1 HOUR) 30

Alternative Assessment


Prerequisites / Co-requisites


Module overview

The module broadly covers two parts. In the first part we concentrate on the theoretical foundations of international trade, i.e. address the questions “why do we trade” and “is trade good for us”. In the second part we focus on the policy instruments that are available to the designers of trade policy; our analysis involves issues related to the potential costs and/or benefits to a range of stakeholders of trade barriers, e.g. tariffs and quotas. We also investigate the issues of international trade agreements.

Module aims

Introduce students to the fundamental reasons for why countries trade and why this can be beneficial to a country’s welfare

Help students understand and apply fundamental economic theories of international trade

Learning outcomes

Attributes Developed
Explain, discuss, and apply fundamental theories of international trade KCT
Discuss and evaluate the effects and consequences of different trade policies; on consumers, producers, and welfare KCPT
Evaluate the effects of different types of trade agreements KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:

Trade and technology in the Ricardian model,
gains and losses from trade in the Specific-Factors model,
trade and resources in the Heckscher-Ohlin model,
economies of scale, monopolistic competition and trade, oligopoly and trade,
movement of labour and capital,
firms in the global economy,
international trade policies, international trade agreements, WTO, trade blocs.

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

Enhance students’ ability to analyse independently the fundamental economic theories of international trade.
Enhance students’ skills in evaluating trade policies and effectively communicate these evaluations in verbal and written form.
Appreciate the various trade-offs that surround the decision-making processes in international trade.


The learning and teaching methods include:

2 hour lecture per week x 11 weeks

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:


Their understanding of basic principles and models in trade theory and and how these principles and models allow to explain the allocation of resources across industries, trade patterns across counties, the behaviour of different agents with respect to trade liberalisation and the functioning of trade policy. International trade is a strongly applied field and so there will also be plenty of opportunity to familiarize with trade and investment data.    


Thus, the summative assessment for this module consists of:

Coursework in the form of a class test and a final examination.

The Class Test consists of multiple choice questions and some written questions (usually held around week 8). Worth 30% of the final mark.

Final examination of two hours, consisting of a choice of short questions and longer quantitative questions. Worth 70% of the final mark.

The Class test is designed to ensure that students can demonstrate knowledge of key principles through the multiple choice questions, and apply their understanding through written questions.

The quantitative questions allow the students to apply their knowledge of the studied principles and models in a quantitative context. They require analytical skills to explain derived results.


Formative assessment and feedback


Students receive verbal feedback during lectures in which multiple questions and real-world examples of the trade policy and models are discussed. In addition to this, they receive a number of tutorial questions designed to further their knowledge and prepare them for the quantitative part of the summative assessment. Students receive guideline solutions against which they can compare their own results. Before the Class test, some sample questions are made available for students to familiarise themselves with the style of the assessment. Finally, feedback will be provided after the Class test.

Reading list

Reading list for INTERNATIONAL TRADE :

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Business Economics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module
Liberal Arts and Sciences BA (Hons)/BSc (Hons) 1 Optional A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.