Global economy makes us understand the importance of international economics. How? From all the international trade and financial transactions across the globe, international economics plays an important role. Hence, to enhance a career internationally, both international economics and scope of international business are necessary. To know more, let’s get into it!
Table of Contents
- Importance Of International Economics
- What Is International Economics?
- Definition and Examples Of International Business
- International Economics Courses Abroad
- Top Universities For International Economics
- Eligibility Criteria For International Economics
- Subjects In International Economics
- Career Scope In International Economics
- Salary In International Economics
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Importance Of International Economics
Importance of international economics lies in shaping the global economy and helping us understand the benefits and challenges in international trade.
Let us understand the importance of international economics in simple points.
- International trade
- Identifying resources
- Transaction of currency values
- Balancing payments
- Inflation and deflation
- Income distribution
- Development of global economy
- Globalization
What Is International Economics?
International economics is a field of study within Economics that focuses on economic activities of various countries and its effects. On the other hand, it includes the study of international production and consumption to analyze the overall economic growth of nations. Hence, international economics provides us with a better understanding of global transactions and interactions between different countries.
Definition and Examples Of International Business
Check out the definitions and examples of international business.
Definition – “International monetary economics and international macroeconomics study flows of money across countries and the resulting effects on their economies as a whole.”
Definition – “International political economy, a sub-category of international relations, studies issues and impacts from for example international conflicts, international negotiations, and international sanctions; national security and economic nationalism; and international agreements and observance.”
Example – When a country decides to put extra charges on things they buy from another country, it changes how they do business together. These extra charges might help some businesses in a few countries but this also makes things more expensive for the people buying them. This can lead to loss in business from which product is brought from. If both countries keep making things more expensive for each other then it will turn out as a trade war which can mess up how things are made and sold around the whole world. Hence, this leads to volatile markets globally.
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International Economics Courses Abroad
Check out the top international economics courses abroad.
| UG Courses | PG Courses | PhD Courses |
| BA in International Economics | MA in International Economics and Business | PhD in International Economics |
| BA in International Economic Development | Masters in Global Economy | PhD in International Economics and Trade |
| Bachelor of World Economy | M.Sc in International Economics, Banking and Finance | PhD in World Economics |
| BA in International Economy and Trade | MBA in International Business and Economic Management | PhD in Global Economy and Management |
| B.Sc in International Economics and Management | MA in Global Political Economy and Finance | |
| BBA in Global Economics and Management | M.Sc in Economics of International Finance and Trade |
Top Universities For International Economics
Here is the list of top universities for international economics.
| Canada | Australia | USA | UK |
| Simon Fraser University | University of Melbourne | Harvard University | University of Webminister |
| University of Alberta | Monash University | Columbia University | University of Sussex |
| University of Toronto | University of Sydney | University of California | University of Glasgow |
| York University | Australian National University | Massachusetts Institute of Technology | University of Essex |
| McGill University | University of Queensland | University of Chicago | University of East London |
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Eligibility Criteria For International Economics
Here is the eligibility criteria for international economics courses abroad.
- Shortlist the foreign university that provides your favorite international economics course in your budget.
- Check eligibility criteria and apply for international admission.
- Fulfill the eligibility criteria and submit all documents required.
- Prepare for the interview and wait for confirmation.
- Apply for a study visa in that particular country.
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Subjects In International Economics
Check out the list of top subjects in international economics.
| International trade and finance | Globalization |
| Economy development | International Monetary System |
| International Business Law | Trade Policies and Agreements |
| Regional Economics | Political Economics |
| Economic Diplomacy | Environmental Economics |
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Career Scope In International Economics
Let us find high paying jobs in international economics abroad.
- Financial Analyst
- Global Economist
- International Accountant
- Actuary
- Business Lawyer
- Compensation Manager
- Research Analyst
- Development Associate
- Diplomatic agent
- Financial advisor
- International Business
- Operations Manager
- Policy Analyst
- Product Manager
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Salary In International Economics
Check out the salary ranges in International economics based on various countries.
| Country | Salary (per year) |
| Canada | CAD 97,705 |
| USA | USD 106,240 |
| India | INR 35,00,000 |
| UK | GBP 47,256 |
| Australia | AUD 135,000 |
| UAE | AED 341,768 |
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Summing up, now you know everything about the importance of international economics! So, what are you waiting for? However, for any STUDY ABROAD-related queries, feel free to connect with us! Our team of experts which has extensive expertise in studying abroad would love to assist you.
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Frequently Asked Questions
What is the importance of the International Economic Organization?
ANS: An international economic organization of 34 countries founded in 1961 holds great importance in stimulating economic progress and world trade.
What are the important themes of international economics?
ANS: The important themes of international economics include 1) gains from trade; 2) pattern of trade; 3) balance of payments; and 5) exchange rate determination.
Why is international economics important for developing countries?
ANS: International economics is important for developing countries because flows of financial capital increase the level of investment that promote specialization and transfer of skills and technology.
What is the scope of international economics?
ANS: Scope of international economics lies in shaping the global economy and helping us understand the benefits and challenges in international trade.
