What is a trade deficit? Well, it all has to do with imports and exports and, well, trade. This week Jacob and Adriene walk you through the basics of imports, exports, and exchange. So, you remember the specialization and trade thing,...

We've talked about free trade, but one issue is that different countries utilize different currencies, and the values of those currencies are constantly fluctuating. The value of one currency with respect to another is called an exchange...

With Brexit coming up so soon it's important to consider who the UK actually trade with. Which countries does the UK export the most of their goods and services to and who does the UK rely on for imports?

In this video I explain the Balance of Payments with the current and capital (financial) account. Keep in mind that when a country has a deficit in one account they must have a surplus in the other account. Thanks for watching.

Victor Shih, Assistant Professor of Political Science at Northwestern University, speaking at INET's Bretton Woods Conference on April 10, 2011.