2023-2024 / ECON2250-1

International economics


6h Th, 12h AUTR

Number of credits

 Master in agricultural bioengineering (120 ECTS)2 crédits 


Hossein Azadi


Philippe Lebailly

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

International markets

Gain of trade

Pattern of trade

Exchange rate

Balance of payments

International trade analysis

International monetary/trade issues

Comparative advantages vs absolute advantages

Learning outcomes of the learning unit

- To define the performance of business activities designed to plan, price, promote, and direct the flow of a company's goods and services to consumers or users in more than one nation for a profit. 

- To understand the capability of two agents to augment their expenditure possibilities by specializing in the good in which they have a comparative advantage and trading for a good in which they do not have a comparative advantage.

- To explain the composition of a country's imports and exports, and the volume of its trade with the rest of the world in a period of time.

- To explain the rate at which one currency can be exchanged for another between nations or economic zones and also how to determine the value of various currencies in relation to each other and the importance of determining trade and capital flow dynamics.

- To determine records of financial transactions made between consumers, businesses, and the government in one country with others.

- To explain up-to-date analysis on the evolution of imports and exports for different regions and economic sectors, and provides short-term forecasts.

- To determine sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross-border investment and generally the reallocation of capital between nation-states. 

- To explain when one nation can produce goods more cheaply than another nation and the ability of a nation to specialize in the production of the good for which it has the lowest opportunity cost Absolute Vs Comparative. 

Prerequisite knowledge and skills

-- ECON2244-1 - Political and social economics

Planned learning activities and teaching methods

Mode of delivery (face to face, distance learning, hybrid learning)

Lectures : 8h Case studies : 10h Personal work : 6h

Recommended or required readings

1) Cateora, PR, Meyer, RBMF, Gilly, MC, & Graham, JL (2020). international marketing. McGraw-Hill Education.
2) Donthu, N., Kumar, S., Pattnaik, D., & Pandey, N. (2021). A bibliometric review of International Marketing Review (IMR): past, present, and future. International Marketing Review.
3) Salvatore, D. (2016). International economics. John Wiley & Sons.
4) Leamer, EE, & Stern, RM (2017). Quantitative international economics. Routledge.
5) Hiscox, MJ (2020). International trade and political conflict. In International Trade and Political Conflict. Princeton University Press.

Any session :

- In-person

written exam ( open-ended questions )

- Remote

written work

- If evaluation in "hybrid"

preferred remote

Additional information:

Written exam and oral presentation

Work placement(s)

Organisational remarks and main changes to the course


Prof. Dr. Hossein Azadi

Economic and Rural Development

Gembloux Agro-Bio Tech

University of Liège, Belgium


Association of one or more MOOCs