Eco/21 Essay

1652 words - 7 pages

International Trade Simulation and Report
ECO/212
April 17, 2011
University of Phoenix

In our world economic system today import and export can be the heart and soul. Most all the states throughout the world export and import merchandises and goods based on their necessities. The governments exercise their studies with in-depth consideration, restrictions and limitations. In this report we will discuss the benefits and restrictions of global trade. We will also produce the evaluation of real and relative benefits and impact affecting foreign currency rates. We will also evaluate the team concept summary outcomes and focus on collected critic as the result of government policy on ...view middle of the document...

The tariff has to offset the pricing of the surplus of goods that is exported out of the country. Furthermore, a decision has to be made whether free trade should be placed in a trade agreement. Making the wrong decision can cause a trade agreement to come to a deadlock. However, trade without restriction can increase the overall welfare of all countries involved. Finally, international trade with tariff can cause retaliation from the countries on whose products you have imposed tariffs. In short, international trade has both great benefits and consequences.

Identify four key points from the reading assignments that were emphasized in the simulation

Define absolute and comparative advantage

Describe the influences affecting foreign exchange rates
Influences that affect the foreign exchange rates are mostly determined by the supply and demand for currency. Every state possesses its own cash flow that will need the utilization of two different foreign currencies in the progress of time. One impact influencing the foreign currency rate for services and goods is International Pricing. The international pricing is just a dollar cost of imported item corresponding to international price of item multiplied by dollar of foreign currency. Whenever the exchange rate alters so does the international prices of exports and imports. Then there exists appreciation and fall. Currency appreciation is an improvement in the worth of one currency compared to another. Currency deprecation is a reduction in the worth of one currency to a different one. In case the worth of the country's currency decrease the exports turn out to be cheaper and the imports turn out to be higher priced. (Schiller, 2006, p 396-397)

As a team, debate the issues surrounding international trade

There are always advantages and disadvantages while buy and selling with other states, whether or not the trade is bad or good for the state. Every state should take into account the advantages very carefully. As an example, one of the main advantages to importing an item is the fact that time it would cost a company to make that item might be used making one more item which is much more of an item per the time it requires to make (Mankiw, 2007). Taxation is one of the main issues that governments run into; the taxes or tariffs which require to be placed on the merchandise to assist defend their states' own interest and manufacturing. In these types of taxes are not put in place in that case the trading which is done will sooner or later not be controlled and may effect or perhaps ruin one’s economy.

This simulation provided our team with a good understanding on how the tariffs and taxes operate on importing and exporting merchandises and services. Quiet few of the selections on exporting and importing were hard to take, following deliberation, we arrived at some agreement. The exciting element was viewing how tariffs perform big part in the final result. We as a team all...

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