International Economics: Unit 3
Navigate international economics for your Year 11 exam. Build working knowledge of comparative advantage, exchange rate movements, the terms of trade, and the balance of payments.
Like Duolingo, but for International Economics: Unit 3. Tomo turns the whole topic into a game you play five minutes a day, until it actually sticks.
25 levels across 3 sections, about 50 minutes end to end, roughly 10 days at five minutes a day. It moves through Trade Foundations and Trade Barriers, Exchange Rates and Foreign Currency, and External Accounts and Exam Synthesis. It starts from scratch.
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Key ideas in International Economics: Unit 3
- Absolute advantage is strictly about who can make more output with the exact same inputs or resources
- Comparative advantage depends on who sacrifices less of another product to make something
- A country can have an absolute advantage in a good while lacking a comparative advantage in it
- Trade is driven by relative opportunity costs, not absolute productivity differences
- Even if one nation is less efficient across the board, it will still have a lower opportunity cost in whichever good it gives up least to make
- Both nations free up domestic resources by specializing in what they sacrifice least to produce
- Opportunity cost equals the quantity of the good given up divided by the quantity of the good gained
- To find the cost of 1 unit of a good, divide the forgone alternative (20 solar panels) by the target good (10 turbines)
- The opportunity cost of one good is the reciprocal of the opportunity cost of the other
- Mutually beneficial trade terms must settle between the domestic opportunity cost ratios of both nations
- Country A will only export computers if it receives more than 2 barrels of oil per computer
- Country B will only import computers if it pays fewer than 5 barrels of oil per computer
- A domestic production possibility frontier (PPF) shows the maximum combinations a country can physically make on its own
- Trading at an international price better than domestic opportunity costs allows a country to consume more than it can produce domestically
- Trade expands consumption possibilities without changing the underlying domestic production limits
- A tariff acts as a tax on imports, lifting domestic market prices above the world price
You've tried the other tabs
Thirty open tabs. Four facts you actually kept.
You watched. You nodded. By Sunday it was gone.
One answer, then back to scrolling.
Eight weeks. You meant to finish. You didn't.
Tomo gives International Economics: Unit 3 the Duolingo treatment: levels, streaks, and quick quizzes that test what you just learned. That game loop is what the tabs above never had, so it's the one you actually finish.
Here's what playing it feels like
A real question from this course. Take your best guess.
What gives a country a comparative advantage in making a good?
Get it right to open this lesson and 24 more in the app.
Where International Economics: Unit 3 takes you
- 1
Trade Foundations and Trade Barriers
- Calculating the Gains from Trade
- The Mechanics and Costs of Protectionism
- Trade Agreements and Australia's Trade Profile
- 2
Exchange Rates and Foreign Currency
- Exchange Rate Determination in a Floating Market
- Tracing the Impacts of Currency Fluctuations
- 3
External Accounts and Exam Synthesis
- Terms of Trade and National Purchasing Power
- The Balance of Payments Architecture
- Synthesizing External Shocks for the IA1 Exam
3 sections · 8 units · 25 levels. Built to play, not to enroll.
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