International Trade Simulation Essay

1004 words - 4 pages

Free trade is a necessity for all countries. It should be performed as general policy, recovering potential profits by utilizing tariffs as ammunition for negotiations. According to the International Trade Simulation, there can be situations where protective tariffs or directives of the state can be more beneficial. International trade is typically managed by costs; however, the cost of products manufactures in other countries is not necessarily impartial to their costs of workers and employees (International trade simulation).
In regard to the International Trade Simulation taking place in Rodamia, imports, exports and manufacturing is evaluated by a delegate of a trade commission. Additionally, trade delegates are held accountable in order to enforce tariffs and limitations on trade, but they will also assist with any treaties or settlements. “Rodamia Gross Domestic Product derives from cultivation, such as corn, cotton, wheat, dairy and fowl. Thirty percent of this derives from commerce while sixty-six percent derives from services” (International Trade Simulation). Many other countries possess a comparative advantage in regard to manufacturing. If said area exports goods of comparative advantage to other areas, but imports these goods in which the other area possesses comparative advantages, strong revenue will be achieved. This revenue denotes the additional of increased options for costumers, a significant market for manufacturers, as well as trade equilibrium. Comparative advantage has the ability to occur using several aspects, such as the accessibility and comparative competence in regard to manufacturing along with the quality and quantity of their utilization of equipment. Distinguishing benefits, restrictions, comparative advantage and the influence of foreign trading are significant factors in establishing international trade.
Benefits and Restrictions of International Trade
Rodamia wishes to establish methods to profit and increased revenue via exportation of competitive advantage goods while bringing in additional goods of competitive advantage. Rodamia wishes to advance their economic standing with the utilization of importing and exporting goods. The outcome of this trade will assist in earning the country an advantageous turnover. Rodamia will have the ability to capitalize on their proceeds by increasing international trade. They will also be able to ensure the least amount of satisfactory stages of services in various areas all through the nation, whereby augmenting the flexibility which is a necessity in an amalgamated market. Rodamia has the ability to obtain an increased level of jobs which is an ideal economic situation, offering various goods to its customers. Restrictions can include expenditure, which influences the international trade situation. Taxes are influenced by wellbeing, edification, employment, and local expansion.
Comparative and Absolute Advantages
Many countries have diverse comparative...

Find Another Essay On International Trade Simulation

International Trade Simulation Essay

1309 words - 5 pages with another country that may have a shortage of that same supply. Another advantage is that if a country is in short supply of a particular product or service that country can import from other countries. One of the major disadvantages to international trade is the amount of surplus countries are exporting to other countries. For some countries, this dumping of surplus causes a loss in the market. In this international trade simulation, I have

International Trade Simulation - Rodamia Trade

1052 words - 4 pages This paper will present decisions taken in four international trade scenarios along with the decision results. The advantages and limitations of each scenario will also be examined. This paper will also present four key points from the reading assignments that were emphasized in the simulation. The paper concludes by explaining how some of the simulations concepts can be applied to this author's workplace.International Trade Advantages and

International Trade Concepts Simulation, Economics 372, University of Phoenix

1098 words - 4 pages PAGE PAGE 6 International Trade Concepts Simulation International Trade Concepts SimulationLaura GabbardUniversity of PhoenixECO 372 Principles of MacroeconomicsDaniel M. Rowe, MBAApril 7, 2008International Trade Concepts SimulationThis assignment consisted of using a simulation pertaining to international trade advantages and limitations of international trade for the country of Rodamia. The simulations serve to familiarize the student with

International Trade Simulation: Discuss the advantages and limitations of international trade

1385 words - 6 pages creates reasonably priced goods that are desirable to other countries. The contents of the paper will discuss the advantages and limitations of international trade as identified in the simulation and will indentify four key points from the reading assignments that were emphasized in the simulation. In addition there will be a discussion on the application of what was learned in the simulation to a familiar organization. Lastly there will be a summary

International trade concepts simulation

1961 words - 8 pages Economic Indicator Forecast PaperEconomic indicators of forecasting are the key tools used by the government, organizations, and companies to track the market trends. Economic indicators are generally used to analyze the market movement, track the fast moving market trends, and a tracking or predicting tool to view the progress of the future market trend versus the past market trends. The six economic indicators in which will be discussed is real

International Trade Simulation and Report

2485 words - 10 pages In International Trade, a country prefers to capitalize on profits and take full advantage of the impact of opportunity costs associated with importing and exporting goods and services. The ideal situation for a country involved in international trade would be the exportation of specialized merchandise that can be efficiently produced and the importation of wares that are produced under similar circumstances. This creates reasonably priced goods

International Trade Simulation paper: Advantages & limitations of International Trade; four key points in readings; apply what learned from simulation to workplace; Concept Summary results

891 words - 4 pages Applying International Trade ConceptsInternational trade has been around for much of history but with the technology advances and industrialization from the last few centuries, international trade has been on an increasing upward slope. Countries have discovered how to use what resource each one has to its optimal advantage. If a country specializes in a product that it produces most efficiently, then it can use that product to increase its

Applying International Trade Concepts Paper

1362 words - 5 pages Running head: APPLYING INTERNATIONAL TRADE CONCEPTS 1 APPLYING INTERNATIONAL TRADE CONCEPTS PAGE \* MERGEFORMAT 2 Applying International Trade Concepts PapernameECO/372: MacroeconomicsdateinstructorApplying International Trade Concepts PaperIn the University of Phoenix simulation, Applying International Trade Concepts, a situation is presented concerning international trade - "the theory of comparative advantage, the impact of tariffs, quotas

Economics Of Globalization Watch

1194 words - 5 pages products. If we look into the theories of international trade, the first issue to be noted is the strengths of various countries, in accordance with the different food product lines being planned. The Production Possibility Frontier shows the best combination one can produce.Production Possibility Frontier (PPF) measures the maximum combination of outputs one can get from a given number of inputs (UOP Simulation). For instance, in Australia, my

Week Two Assignment

1361 words - 6 pages address following dilemmas. These tools can assist in decision-making that is amicable for all involved partakers (Addressing International Legal and Ethical Issues Simulation, n.d.): Selecting Attorneys. Selecting experience attorneys in the United States and foreign country that is acquainted with international laws is important. Choice-of-Law Clause. The obscurity that is involved while negotiating with potential international partners is

Trinezza: Entering International Markets

530 words - 2 pages ). "Entering International Markets". Retrieved Oct 26, 2005,From University of Phoenix, Resource, Simulation (et al.), MGT 448-- Global Business Strategies Web site:https://mycampus.phoenix.edu/secure/resource/vendors/tata/UBAMSims/business_strategy/business_strategy_international_markets_simulation.html

Similar Essays

International Trade Simulation Essay

946 words - 4 pages International Trade Simulation"International trade is the exchange of goods and services between countries." (Heakal, 2007). International trade is helpful to the economy. The trade allows countries to exchange goods in order to have an assorted supply for the residents. The trade brings in supply which creates more demand and the economy grows.The international trade simulation shows the reasons for the international trade. The purpose of the

International Trade Simulation Paper

830 words - 3 pages The purpose of this paper is to illustrate the concept of international trade. The simulation on international trade incorporated many of the concepts found in the readings on international trade for this week?s assignments. The simulation required that there is an understanding of the significance of free trade and the various advantages and disadvantages of trade restrictions of any kind. The delicate balance that must be maintained between

Applying International Trade Simulation Essay

1059 words - 4 pages This assignment consists of using a simulation pertaining to international trade advantages and limitations of international trade the country of Rodamia. The simulation is assigned to familiarize one with the tools of International trade that government uses to keep the economy moving ahead. The purpose of this paper is to summarize the International Trade Simulation, explain the basic concept of International Trade, emphasize the four key

Economics International Trade Simulation Essay

1452 words - 6 pages The goal of this paper is to tie in International Trade concepts to the simulation performed on the University of Phoenix website. To do this, a brief history of international trade policy will be reviewed. Also, the Production Possibility Frontier will be discussed. In addition, comparative advantage, trade restrictions, and free trade agreements will be explored. Lastly, the concept summary results of the simulation will be explained along