IB Economics SL Unit 3: International Economics Mr. R.S. Pyszczek, Jr. City Honors School IB...

IB Economics SLUnit 3: International Economics

Mr. R.S. Pyszczek, Jr.City Honors School

IB Economics SL: City Honors School

Unit 3: International Economics3.1 International Trade

Free Trade

The Benefits of Trade

Explain that gains from trade include lower prices for consumers, greater choice for consumers, the ability of producers to benefit from economies of scale, the ability to acquire needed resources, a more efficient allocation of resources, increased competition, and a source of foreign exchange.



Free Trade


Lower Prices: Countries like individuals can specialize in particular areas of expertise. This means they can produce more efficiently than if each country tried to produce enough of everything for all its needs



Free Trade


Taking Advantage of Different Factor Endowments: No two countries share the exactly the same resource base. Trade takes advantages of these differences between countries



Free Trade


Economies of Scale: As production levels grow ever larger to meet international demand, the specialization of managers and the introduction of expensive technology can improve the productivity of a given business sector.



Free Trade


Increased Variety/Choice: We are an interdependent wordl economy. As the number of countries in the global market has grown, so has the amount of choice. While some find these choices overwhelming, others enjoy the power it gives to consumers to make decisions about their purchases



Free Trade


Acquisition of needed resources: Some countries lack critical goods to improve their standard of living. In some cases, production of a needed good is simply impossible. Trade is the only way to get it.



Free Trade


Competition can improve efficiency: When a company controls a market, it lacks competitive incentive to provide good service and lower costs. When domestic markets are opened to foreign competition, companies are pressed into lowering prices and improving service or they suffer from foreign competition.



Free Trade


Political Benefits: Economists and Political thinkers generally agree that trade and integration have consistently encouraged compromise and resolution over conflict and antagonism.



Free Trade


Efficiency and Exports = growth and development: Development economists have concluded that exports can be a path to significant economic growth. When countries develop their comparative advantages, they become competitive and export to world markets



Free Trade

The World Trade Organization (WTO)

Describe the objectives and functions of the WTO.



Free Trade

Aims of the World Trade Organization (WTO)

Trade without discrimination

Freer Trade through negotiation



Free Trade

Aims of the World Trade Organization (WTO)

Predictability through binding and transparency

Promoting fair competition

Encourage development



Free Trade

Functions of the World Trade Organization (WTO)

Provide a forum for trade negotiation

Execute WTO agreements

Evaluate and rule on trade complaints by member countries



Free Trade

Functions of the World Trade Organization (WTO)

Provide technical assistance to developing countries on trade issues

Track changes in member trade policies



Free Trade

Supporters View of the World Trade Organization (WTO)

The WTO Promotes peace.

The WTO provides a place to handle disputes constructively

The WTO is based on rules rather than power



Free Trade


Free Trade cuts the cost of living

Trade provides greater consumer choice and variety

Trade boost incomes



Free Trade


Trade increases economic growth.

The WTO system encourages efficiency and simplicity

WTO agreements shield countries from narrow interests



Free Trade

Critics’ View of the World Trade Organization (WTO)

Poor countries sometimes cannot afford trade representatives.

Rich countries and individuals are getting richer faster than everyone else



Free Trade


Agricultural subsidies in rich countries hav not been reduced.

The protection of intellectual property rights. (lack of protection)



Free Trade


Despite claims to equalize the trade environment, WTO negotiations favor rich countries

It is argued that most of the gains in trade have come from trade between rich countries



Restrictions on Free Trade: Trade Protection

Types of Trade Protection

Explain, using a tariff diagram, the effects of imposing a tariff on imported goods on different stakeholders, including domestic producers, foreign producers, consumers and the government.

Explain, using a diagram, the effects of setting a quota on foreign producers on different stakeholders, including domestic producers, foreign producers, consumers and the government.





Explain, using a diagram, the effects of giving a subsidy to domestic producers on different stakeholders, including domestic producers, foreign producers, consumers and the government.

Describe administrative barriers that may be used as a means of protection.

Evaluate the effect of different types of trade protection.





Tariffs

Quotas

Voluntary Export Restraints (VERs)

Subsidies





Administrative Barriers

Exchange Rates

Nationalistic Campaigns




Arguments for and Against Trade Protection (arguments against and for free trade)

Discuss the arguments in favour of trade protection, including the protection of domestic jobs, national security, protection of infant industries, the maintenance of health, safety and environmental standards, anti-dumping and unfair competition, a means of overcoming a balance of payments deficit and a source of government revenue.




Arguments for and Against Trade Protection (arguments against and for free trade)

Discuss the arguments against trade protection, including a misallocation of resources, the danger of retaliation and “trade wars”, the potential for corruption, increased costs of production due to lack of competition, higher prices for domestic consumers, increased costs of imported factors of production and reduced export competitiveness.




Arguments for Trade Protection (arguments against and for free trade)

To protect domestic employment

To protect sunrise or infant industries

To counteract relative domestic tax differences





To prevent dumping of foreign goods onto the domestic market

To diversify the production base of a developing country

To enforce product standards





To raise government revenue

To protect against unfairly low labor costs

To protect strategic industries





To overcome a balance of payments deficit

To improve the terms of trade




Arguments Against Trade Protection (arguments against and for free trade)

Misallocation of resources

Escalation to a trade war

Protectionism as a corruption magnet




Arguments Against Trade Protection (arguments against and for free trade)

Domestic complacency causes higher prices and costs

Higher import costs

Reduced export competitiveness



Theory of Knowledge: Potential Connections

Are there moral as well as economic arguments in favor of free trade?


Unit 3: International Economics3.2 Exchange rates

Freely Floating Exchange Rates

Determination of freely floating exchange rates

Explain that the value of an exchange rate in a floating system is determined by the demand for, and supply of, a currency.

Draw a diagram to show determination of exchange rates in a floating exchange rate system.




Determination of freely floating exchange rates*

Forex Market (Foreign Exchange)

The Forex market is an international over-the-counter market (OTC). It means that it is a decentralized, self-regulated market with no central exchange or clearing house, unlike stocks and futures markets. This structure eliminates fees for exchange and clearing, thereby reducing transaction costs.




Determination of freely floating exchange rates*

Forex Market (Foreign Exchange)

The Forex OTC market is formed by different participants – with varying needs and interests – that trade directly with each other. These participants can be divided in two groups: the interbank market and the retail market.




Determination of freely floating exchange rates: Forex Market The Interbank Market

The interbank market designates Forex transactions that occur between central banks, commercial banks and financial institutions.





Central Banks - National central banks (such as the US Fed and the ECB) play an important role in the Forex market. As principal monetary authority, their role consists in achieving price stability and economic growth. To do so, they regulate the entire money supply in the economy by setting interest rates and reserve requirements. They also manage the country's foreign exchange reserves that they can use in order to influence market conditions and exchange rates.





Commercial Banks - Commercial banks (such as Deutsche Bank and Barclays) provide liquidity to the Forex market due to the trading volume they handle every day. Some of this trading represents foreign currency conversions on behalf of customers' needs while some is carried out by the banks' proprietary trading desk for speculative purpose.





Financial Institutions - Financial institutions such as money managers, investment funds, pension funds and brokerage companies trade foreign currencies as part of their obligations to seek the best investment opportunities for their clients. For example, a manager of an international equity portfolio will have to engage in currency trading in order to buy and sell foreign stocks.




Determination of freely floating exchange rates: Forex Market The Retail Market

Individuals - Individual traders or investors trade Forex on their own capital in order to profit from speculation on future exchange rates. They mainly operate through Forex platforms that offer tight spreads, immediate execution and highly leveraged margin accounts.





Speculation/Hedge Funds - Hedge funds are private investment funds that speculate in various assets classes using leverage. Macro Hedge Funds pursue trading opportunities in the Forex Market. They design and execute trades after conducting a macroeconomic analysis that reviews the challenges affecting a country and its currency. Due to their large amounts of liquidity and their aggressive strategies, they are a major contributor to the dynamic of Forex Market. (Remember George Soros?)





Remittance Companies/Corporations - They represent the companies that are engaged in import/export activities with foreign counterparts. Their primary business requires them to purchase and sell foreign currencies in exchange for goods, exposing them to currency risks. Through the Forex market, they convert currencies and hedge themselves against future fluctuations.





Individuals - Individual traders or investors trade Forex on their own capital in order to profit from speculation on future exchange rates. They mainly operate through Forex platforms that offer tight spreads, immediate execution and highly leveraged margin accounts.




Causes of Changes in the Exchange Rate

Describe the factors that lead to changes in currency demand and supply, including foreign demand for a country’s exports, domestic demand for imports, relative interest rates, relative inflation rates, investment from overseas in a country’s firms (foreign direct investment and portfolio investment) and speculation.




Causes of Changes in the Exchange Rate*

A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that particular currency relative to other currencies. Thus, floating exchange rates change freely and are determined by trading in the forex market. This is in contrast to a "fixed exchange rate" regime.





In some instances, if a currency value moves in any one direction at a rapid and sustained rate, central banks intervene by buying and selling its own currency reserves (i.e. Federal Reserve in the U.S. & ECB in the EU) in the foreign-exchange market in order to stabilize the local currency. However, central banks are reluctant to intervene, unless absolutely necessary, in a floating regime.




Causes of Changes in the Exchange Rate

Distinguish between a depreciation of the currency and an appreciation of the currency.

Draw diagrams to show changes in the demand for, and supply of, a currency.




Appreciation: An increase in the exchange rate.

The home currency becomes relatively more expensive for foreigners to buy. Appreciation also means that foreign currency becomes relatively cheaper for you to buy.




Appreciation: An increase in the exchange rate. If prices in both countries remain the same, an appreciation will make foreign

goods relatively cheaper to you, leading to an increase in imports. It also means that, even if prices remain the same, your goods will be more expensive to foreigners. They will buy less of your goods and exports will fall. As a result, your country's net exports will fall.

This change to net exports causes a leftward shift of the aggregate demand curve.




Appreciation: Figure

2a Demand Increase

2b Supply Decrease




Depreciation: A decrease in the exchange rate.

The home currency becomes relatively cheaper for foreigners to buy. Depreciation also means that foreign currency becomes relatively more expensive for you to buy.




Depreciation: A decrease in the exchange rate.

If prices in both countries remain the same, depreciation will make foreign goods relatively more expensive to you, leading to a fall in imports. It also means that, even if prices remain the same, your goods will be cheaper to foreigners. They will buy more of your goods and exports will rise. As a result, your country's net exports will increase.

This change to net exports causes a rightward shift of the aggregate demand curve.




Depreciation: Figure

3a Demand Decrease

3b Supply Increase




The effects of Exchange Rate Changes

Evaluate the possible economic consequences of a change in the value of a currency, including the effects on a country’s inflation rate, employment, economic growth and current account balance.




Determinants of Exchange Rates:

Numerous factors determine exchange rates, and all are related to the trading relationship between two countries. Remember, exchange rates are relative, and are expressed as a comparison of the currencies of two countries.

The following are some of the principal determinants of the exchange rate between two countries. Note that these factors are in no particular order; like many aspects of economics, the relative importance of these factors is subject to much debate.:



Freely Floating Exchange Rates: Determinants of Exchange Rates

Demand for Goods and Services:

The relative demand for imports can directly influence the purchase of currencies, and so alter the exchange rate. When the demand for a country’s exports increases it increases demand for the currency itself. To buy the exports, the importers first need to buy the exporting country’s currency to pay for them.




Demand for Foreign Direct Investment:

Foreign investors may find it necessary to to buy foreign currency to make particular kinds of investment in that country. To make any kind of significant foreign direct investment (FDI) by opening a branch location, starting a new firm, or creating a joint venture in another country, requires that country’s currency to buy the factors of production (land, labor & capital).




Demand for Financial Investments and Capital Flows:

Financial investment such as buying of foreign company shares, or interest-earning deposits in a foreign bank, are likely to require purchase of the home currency. In other words, demand for a country’s financial investments appreciates a currency.




Relative Inflation Rates:

As the prices of one country rise faster than those of another, its exports become more expensive and therefore, less desirable. At the same time, imports will be relatively cheaper than before and more attractive.




Speculation:

The holders of foreign currencies can also speculate on future values. As with the buying and selling of shares, speculators may buy a currency hoping it will appreciate, sell it when they believe it has reached peak value, and taking the resulting profits.




Central Bank Intervention on the Forex Market:

The Central Banks may buy or sell large amounts of foreign exchange with several goals in mind. They may seek to prop up the value of their currency by using foreign currency reserves to buy up their own.




Central Bank Intervention on the Forex Market:

The Central Banks may also sell their own currency if they seek to reduce its value, perhaps to increase the desirability of their exports and reduce domestic consumption of imports.



Freely Floating Exchange Rates: Effects of Exchange Rates

Appreciation; Advantages to Appreciation:

Less expensive imports. The increased value of the currency means that buying imported goods is now relatively less expensive than before




Appreciation; Advantages to Appreciation:

Competitive pressure on domestic exporters: An indirect effect of the higher exchange rate is that domestic firms exporting to other countries are at a price disadvantage relative to their foreign competitors. As the exchange rate adjusted price of their exports rises, they are compelled to seek out new ways of cutting costs and innovating.




Appreciation; Disadvantages to Appreciation:

Exporter levels reduced: The distinction between pressure and competitive disadvantage is blurred, and companies attempting to export at consistently high exchange rates may come to believe that while their import cost are low, it may not compensate for the challenge of selling at the higher exchange rate.




Appreciation; Disadvantages to Appreciation:

Greater imports hurt domestic production: Relatively cheap imports may hurt even non-exporting domestic industries. Those industries cannot match the exchange rate discount now available on imported goods. This could also result in unemployment in those industries




Appreciation; Effects on Major Goals:

To Summarize, appreciation reduces inflationary pressure where the demand for imports is relatively inelastic (e.g. energy resources). This may eventually help with economic growth. The more immediate impact on growth is to reduce exports and decrease real GDP.




Appreciation; Effects on Major Goals:

The trade balance of exports to imports is likely to move towards a deficit, as exports slow down and cheaper imports increase.




Depreciation; Advantages to Depreciation:

Expansion of Domestic Industries: Foreign consumers view exports as relatively cheap, and are unlikely to import more. This raises revenues in those exporting companies and could increase employment.




Depreciation; Disadvantages to Depreciation:

Imported Inflation: Where countries need to import significant levels of raw materials or resources, a decrease in the exchange rate can bring on a certain amount of imported inflation.




Depreciation; Effects on Major Goals:

To Summarize, appreciation increase inflationary pressure where the demand for imports is relatively inelastic (e.g. energy resources). This may slow down economic growth. The more immediate impact on growth is to increase exports and increase real GDP.


Unit 3: International Economics3.2 Exchange ratesFreely Floating Exchange Rates

Government InterventionFixed Exchange Rates

Describe a fixed exchange rate system involving commitment to a single fixed rate.

Distinguish between a devaluation of a currency and a revaluation of a currency.

Explain, using a diagram, how a fixed exchange rate is maintained.


Unit 3: International Economics

3.2 Exchange ratesFreely Floating Exchange Rates

Government Intervention: Fixed Exchange Rates

In a fixed exchange rate system, most of the transactions of one currency for another will take place in the private market among individuals, businesses, and international banks. However, by fixing the exchange rate the government would have declared illegal any transactions that do not occur at the announced rate. However, it is very unlikely that the announced fixed exchange rate will at all times equalize private demand for foreign currency with private supply.


Unit 3: International Economics

3.2 Exchange ratesFreely Floating Exchange Rates


In a floating exchange rate system, the exchange rate adjusts to maintain the supply and demand balance. In a fixed exchange rate system, it becomes the responsibility of the central bank to maintain this balance.


Unit 3: International Economics3.2 Exchange ratesFreely Floating Exchange Rates


For example, the United States fixes its currency to the British pound (the reserve), when there is excess demand for pounds in exchange for U.S. dollars on the private Forex, the U.S. central bank would immediately satisfy the excess demand by supplying additional pounds to the Forex market. By doing so, it can maintain a credible fixed exchange rate.

For example, the United States fixes its currency to the British pound (the reserve), when there is excess demand for dollars in exchange for British pounds on the private Forex, the U.S. central bank would immediately satisfy the excess demand by supplying dollars to the Forex market. By doing so, it can maintain a credible fixed exchange rate.




Government Intervention:

Fixed Exchange Rates




Managed Exchange Rates (Managed Float)

Explain how a managed exchange rate operates, with reference to the fact that there is a periodic government intervention to influence the value of an exchange rate.

Examine the possible consequences of overvalued and undervalued currencies.




Managed Exchange Rates (Managed Float)

A managed float exchange rate system is an international financial arrangement, whereby central banks intervene only periodically, not necessarily to support a country's currency, but rather to stabilize volatile fluctuations in foreign exchange rates. A managed float is some times called a "dirty float" because exchange rates are free to fluctuate, but central banks are committed to intervene under conditions of perceived instability. The central bank steps in to offset only so much of a change in demand or supply to bring the exchange rate back into an acceptable "band" or range of exchange rates.




Managed Exchange Rates (Managed Float): Advantages

The managed float attempts to combine the advantages of both the fixed and flexible exchange rate systems, depending on the degree of instability. The less instability, the less intervention is necessary by central banks and they can pursue quasi-independent domestic monetary policies to stabilize their own economies. The greater the instability, the more intervention is necessary by central banks and the less free they are to pursue independent domestic monetary policies because they are frequently required to use their money supplies to calm disturbances in the foreign exchange markets.




Managed Exchange Rates (Managed Float): Disadvantages

The big problem with a managed float comes in determining the timing and magnitude of the instability and the necessary intervention. Does a one day drop (rise) in a currency warrant intervention? A week? A month? A year? Five years? Is a 1% drop (rise) in a currency's exchange rate destabilizing? A 2% change? A 5% change? A 10% change? If the central banks are too quick to respond or if the amount of intervention is inappropriate, their actions may be further destabilizing. This increased instability has a tendency to dampen international flows and contract world trade. If they wait too long, permanent damage may be done to some countries' trade and investment balances.




Evaluation of Different Exchange Rate Systems (HL Only)

Compare and contrast a fixed exchange rate system with a floating exchange rate system, with reference to factors including the degree of certainty for stakeholders, ease of adjustment, the role of international reserves in the form of foreign currencies and flexibility offered to policy makers.



Current Account Deficits

The Relationship Between the Current Account and the Exchange Rate (HL Only)

Explain why a deficit in the current account of the balance of payments may result in downward pressure on the exchange rate of the currency.



Current Account Surpluses

The Relationship Between the Current Account and the Exchange Rate (HL Only)

Explain why a surplus in the current account of the balance of payments may result in upward pressure on the exchange rate of the currency.


Unit 3: International Economics3.3 The Balance of Payments

The Structure of the Balance of Payments

The Meaning of the Balance of Payments

Outline the role of the balance of payments.

Distinguish between debit items and credit items in the balance of payments.





A statement that summarizes an economy’s transactions with the rest of the world for a specified time period. The balance of payments, also known as balance of international payments, encompasses all transactions between a country’s residents and its nonresidents involving goods, services and income; financial claims on and liabilities to the rest of the world; and transfers such as gifts.





The balance of payments classifies these transactions in two accounts – the current account and the capital account. The current account includes transactions in goods, services, investment income and current transfers, while the capital account mainly includes transactions in financial instruments. An economy’s balance of payments transactions and international investment position (IIP) together constitute its set of international accounts.





The Current Account

The current account is used to mark the inflow and outflow of goods and services into a country. Earnings on investments, both public and private, are also put into the current account.





Within the current account are credits and debits on the trade of merchandise, which includes goods such as raw materials and manufactured goods that are bought, sold or given away (possibly in the form of aid). Services refer to receipts from tourism, transportation (like the levy that must be paid in Egypt when a ship passes through the Suez Canal), engineering, business service fees (from lawyers or management consulting, for example) and royalties from patents and copyrights. When combined, goods and services together make up a country's balance of trade (BOT).





The BOT is typically the biggest bulk of a country's balance of payments as it makes up total imports and exports. If a country has a balance of trade deficit, it imports more than it exports, and if it has a balance of trade surplus, it exports more than it imports.





The Capital Account

The capital account is where all international capital transfers are recorded. This refers to the acquisition or disposal of non-financial assets (for example, a physical asset such as land) and non-produced assets, which are needed for production but have not been produced, like a mine used for the extraction of diamonds.





The capital account is broken down into the monetary flows branching from debt forgiveness, the transfer of goods, and financial assets by migrants leaving or entering a country, the transfer of ownership on fixed assets (assets such as equipment used in the production process to generate income), the transfer of funds received to the sale or acquisition of fixed assets, gift and inheritance taxes, death levies and, finally, uninsured damage to fixed assets.





The Financial Account

In the financial account, international monetary flows related to investment in business, real estate, bonds and stocks are documented. Also included are government-owned assets such as foreign reserves, gold, special drawing rights (SDRs) held with the International Monetary Fund (IMF), private assets held abroad and direct foreign investment. Assets owned by foreigners, private and official, are also recorded in the financial account.




The Components of the Balance of Payments Accounts

Explain the four components of the current account, specifically the balance of trade in goods, the balance of trade in services, income and current transfers.

Distinguish between a current account deficit and a current account surplus.





The Current Account

The balance of the current account tells us if a country has a deficit or a surplus. If there is a deficit, does that mean the economy is weak? Does a surplus automatically mean that the economy is strong? Not necessarily. But to understand the significance of this part of the BOP, we should start by looking at the components of the current account: goods, services, income and current transfers.





The Current Account

The Flow of Goods - These are movable and physical in nature, and in order for a transaction to be recorded under "goods", a change of ownership from/to a resident (of the local country) to/from a non-resident (in a foreign country) has to take place. Movable goods include general merchandise, goods used for processing other goods, and non-monetary gold. An export is marked as a credit (money coming in) and an import is noted as a debit (money going out).





The Current Account

The Flow of Services - These transactions result from an intangible action such as transportation, business services, tourism, royalties or licensing. If money is being paid for a service it is recorded like an import (a debit), and if money is received it is recorded like an export (credit).





The Current Account

The Flow of Income - Income is money going in (credit) or out (debit) of a country from salaries, portfolio investments (in the form of dividends, for example), direct investments or any other type of investment. Together, goods, services and income provide an economy with fuel to function. This means that items under these categories are actual resources that are transferred to and from a country for economic production.





The Current Account

The Flow of Transfers - Current transfers are unilateral transfers with nothing received in return. These include workers' remittances, donations, aids and grants, official assistance and pensions. Due to their nature, current transfers are not considered real resources that affect economic production.





Explain the two components of the capital account, specifically capital transfers and transaction in non-produced, non-financial assets.

Explain the three main components of the financial account, specifically, direct investment, portfolio investment and reserve assets.




The Relationships Between the Accounts

Explain that the current account balance is equal to the sum of the capital account and financial account balances (see the appendix, “The balance of payments”).

Examine how the current account and the financial account are interdependent.





The current account should be balanced against the combined-capital and financial accounts; however, as mentioned above, this rarely happens. We should also note that, with fluctuating exchange rates, the change in the value of money can add to BOP discrepancies. When there is a deficit in the current account, which is a balance of trade deficit, the difference can be borrowed or funded by the capital account.





If a country has a fixed asset abroad, this borrowed amount is marked as a capital account outflow. However, the sale of that fixed asset would be considered a current account inflow (earnings from investments). The current account deficit would thus be funded. When a country has a current account deficit that is financed by the capital account, the country is actually foregoing capital assets for more goods and services. If a country is borrowing money to fund its current account deficit, this would appear as an inflow of foreign capital in the BOP.





Explain that the current account balance is equal to the sum of the capital account and financial account balances (see the appendix, “The balance of payments”).

Examine how the current account and the financial account are interdependent.



Current Account Deficits

The Relationship Between the Current Account and the Exchange Rate

Explain why a deficit in the current account of the balance of payments may result in downward pressure on the exchange rate of the currency.



Current Account Surpluses

The relationship between the current account and the exchange rate

Explain why a surplus in the current account of the balance of payments may result in upward pressure on the exchange rate of the currency.


Unit 3: International Economics3.4 Economic Integration

Forms of economic integration

Preferential trade agreements

Distinguish between bilateral and multilateral (WTO) trade agreements.

Explain that preferential trade agreements give preferential access to certain products from certain countries by reducing or eliminating tariffs, or by other agreements relating to trade.




Trading Blocs

Distinguish between a free trade area, a customs union and a common market.

Explain that economic integration will increase competition among producers within the trading bloc.

Compare and contrast the different types of trading blocs.




Monetary Union

Explain that a monetary union is a common market with a common currency and a common central bank.

Discuss the possible advantages and disadvantages of a monetary union for its members.



Theory of Knowledge: Potential Connections

What criteria can be used to assess the benefits and the costs of increased economic integration?

Might increased economic integration ever be considered undesirable?


IB Economics SL Unit 3: International Economics Mr. R.S. Pyszczek, Jr. City Honors School IB...

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