In this video, I discuss the basics of international trade. The consumer and producer surplus implications are discussed along with the impacts of import tariffs and quotas.

Consumer and producer surplus without trade (autarky) 1:41
An exporting country (world price higher than autarky price) 5:44
CS and PS before trade 9:05
CS and PS with trade 10:05
An importing country (world price lower than autarky price) 14:03
CS and PS before trade 16:43
CS and PS with trade 17:33
The effects of a tariff 22:24
CS and PS before tariff 27:12
CS and PS with a tariff 28:33
Deadweight loss of the tariff 32:45
The effects of an import quota 36:02
Other benefits of free trade 41:29
Possible arguments against free trade 50:00

Dr. Azevedo
Department of Economics and Finance
University of Central Missouri

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