International Simulation
The international simulation report is a compilation of the findings and outlines that reflect advantages and limitations of international trade as a whole. In reviewing the international trade simulation we can find that there are four distinct points that represent the elements that make up the report. I will be reviewing each point in depth along with providing a compare and contrast of the influences and advantages. I will finally conclude with a discussion that sheds light on the issues surrounding the international trade report and provide a summery. We know that all countries depend on international trade for some aspect of survival. Different countries and nations have fluctuating production levels of goods and services that
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There is emphasis placed on the future and looking at potential future trade and markets. Other areas of advantage in international trade include the potential investment opportunities. Investment opportunities have the ability to create employment that will stimulate the nation’s economy. This will create revenue from taxes and business start up fees within the country of origin. This promotes a sustainable trade system within each nation when done correctly. The simulation that was reviewed discussed several scenarios in order to communicate the four key economic points. These are: International Trade, Comparative Advantage, Opportunity Cost, and Free Trade Agreements. When dealing with any kind of international trade scenario these key points become critical in their ability to influence the outcome of the concepts. The different scenarios that involved international trade discussed the importance of trade as an aid in development. This is done by allowing countries with significant poverty to use the technology and markets that are larger. We saw that the simulation provided examples of the use of tools for international trade, such as taxation, quotas, and profit. By using taxation of tariffs we can see that the countries are able to monitor the use and trade theories. This is useful in monitoring the “dumping” of products which creates a negative effect on the economy due to the loss. In reviewing of the comparative advantage we see visualize what each country has the ability to provide which could in turn lower the cost This is done by the review of economic practices of each country. By identifying the weaknesses of the international trade we can see how the importing of goods could create its own deficit. This is when the practice of taxes, tariffs and quotas are imposing to prevent such staggering
There is emphasis placed on the future and looking at potential future trade and markets. Other areas of advantage in international trade include the potential investment opportunities. Investment opportunities have the ability to create employment that will stimulate the nation’s economy. This will create revenue from taxes and business start up fees within the country of origin. This promotes a sustainable trade system within each nation when done correctly. The simulation that was reviewed discussed several scenarios in order to communicate the four key economic points. These are: International Trade, Comparative Advantage, Opportunity Cost, and Free Trade Agreements. When dealing with any kind of international trade scenario these key points become critical in their ability to influence the outcome of the concepts. The different scenarios that involved international trade discussed the importance of trade as an aid in development. This is done by allowing countries with significant poverty to use the technology and markets that are larger. We saw that the simulation provided examples of the use of tools for international trade, such as taxation, quotas, and profit. By using taxation of tariffs we can see that the countries are able to monitor the use and trade theories. This is useful in monitoring the “dumping” of products which creates a negative effect on the economy due to the loss. In reviewing of the comparative advantage we see visualize what each country has the ability to provide which could in turn lower the cost This is done by the review of economic practices of each country. By identifying the weaknesses of the international trade we can see how the importing of goods could create its own deficit. This is when the practice of taxes, tariffs and quotas are imposing to prevent such staggering