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 our country and the other countries around the world is tricky at best. It is touchy to think about the ramifications of any trade restrictions of any kind. On one hand, there is the egocentric thinking of keeping your country?s exports and imports at our benefit. There is the concept of imposing very high tariffs and setting quotas to maintain that trade sovereignty. On the other hand, there is the economists? belief that free trade is the only way to go. All trade and the benefits/disadvantages that come with that free trade in the global market is their perspective on whether or not corporations and their exports thrive.The basic concept of international trade is just as briefly mentioned. The countries of the world are all striving to import and export and maintain a balance of trade to keep their own government and economic system running smoothly. How the other countries of the world are thriving or declining has had an increasingly larger impact on the economy of the United States. International trade also is the victim or winner when it comes to tariffs imposed and quotas established around the world by various countries. This impacts all other countries that trade with that country. The concept of international trade also includes the creation of world trade associations and individual trade agreements with various countries to maintain fair and beneficial trading with the nations involved.There were four key points from the reading assignments that were emphasized in this simulation. One of those key points is the importance and benefits to your own country with the establishment of trade agreements and trade associations. The simulation made that point very well by demonstrating the good that can come from making trade agreements with other nations a country does regular business with. Another key point shown in the simulation is comparative advantage. The simulation pointed out absolute advantage as a key term. From Chapter 17 in our reading, comparative advantage is defined as the principle meaning that as long as the relative opportunity of the cost of producing certain...

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