AmosWEB defines international economics as an economics field of study that applies both macroeconomic and microeconomic principles to international trade, which is the flow of trade among nations, and to international finance, which is the means of making payment for the exchange of goods among nations.
AmosWEB goes on to say:
“International economics studies the economic interactions among the different nations that make up the global economy. Often this interaction is viewed in terms of the domestic economy and the foreign sector. The key economic principle underlying international economics is the law of comparative advantage.
“International economics is the study of how the production of one nation is purchased by another nation and how the currency of one nation is exchanged for the currency of another nation to pay for this production. In one sense, international economics is the application of standard economic principles with one key qualification – the buyers are in one nation and the sellers are in another.”
Atlas topic, subject, and course
AmosWEB at http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=international+economics, at accessed 30 April 2016.
Page created by: Ian Clark, last modified 30 April 2016.