Trade: What is it? How much? What directions? Goods versus services? Developed versus developing countries?
Trade theories (know and understand them all very well):
	Absolute advantage, comparative advantage, factor proportions, international product life cycle, mercantilism, new trade theory, Porter's national competitive advantage
Other explanations for trade patterns:
	Close countries trade more with each other
	Competitive capabilities and resources
	Cultural similarity trade more with each other
	Historical relations between countries
	Business cycles
	Wars and insurrection
	Climate
	Innovative capability
	Small countries tend to trade more due to transportation costs and economies of scale issues
Know reasons why companies trade internationally (markets, resources, diversification, additions to product line, meeting customer requirements, etc.)
Know largest USA trade partners (Canada, Mexico, China, Japan)
Know many arguments in favor and against free trade
Trade ethical issues:
	Economic dislocation (job losses)
	Economic volatility
	National autonomy and sovereignty may be compromised by trade
	National security and dependence
	Countries often want to preserve their culture, but trade dilutes it
Know why governments seek to influence trade and FDI, and how they do so (instruments used, such as tariffs, quotas, rules, adminstrative delays/red tape, inducements, subsidies, supports, aid, financing, insurance, guarantees, local content, export requirements, embargo)
Economic (e.g. jobs, development), political (e.g. influence) and cultural reasons that governments may restrict or encourage trade and investment
Ways that government restrict trade and investment
Ways that government encourage trade and investment
Export, import, transit, ad valorem, unitary, and compound tariffs
Organizations with which to be familiar: UN, IMF, World Bank, WTO (formerly GATT)
Governments often try to support/protect/grow/help industries that supply good jobs and wages
Dumping
Antidumping regulations
Import substitution versus export promotion
Favorable treatment of LDCs
Free trade zones
FDI versus portfolio investments; greenfield versus acquisition
Directions of FDI flows
Firms do FDI when ownership, internalization, and location advantages are favorable (Eclectic Theory)
In trade/FDI bargaining, what factors favor position of a firm versus a government
Why and how do countries encourage or restrict inward or outward FDI?
FDI management issues (control, costs, following clients or rivals, customer knowledge, make-or-buy)
FDI may substitute for trade, or increase trade, or make it more difficult; it depends
Know well the different types of regional economic integration, and effects of integration on trade and investment, and provide examples.
Know arguments for and against regional economic associations (pros and cons)
Know different types of integration and recognize different existing associations

Geography: Be able to recognize the following countries on a map: Canada USA Mexico Brazil Argentina Chile Colombia Ecuador Guatemala Haiti Peru Venezuela Panama Cuba Dominican Republic and be able to categorize any country in the Americas as South America, North America, Central America, or Caribbean.  
Also, know Portugal, Spain, France, Switzerland, Germany, Austria, Italy, Poland, Czech Republic, Greece, Turkey, Norway, Sweden, Finland, United Kingdom, Ukraine, Russia