International Trade Simulation and Report - 1965 Words

International Trade Simulation and Report ECO-212 Principles of Economics - Robert Coates University Of Phoenix Faithlyn Wright, Trina Drinka, David Barrett, Amber Kemper, Josue Garcia July 11, 2010. Advantage and Limitation of International Trade International Trade is important to many countries because it allows a country to import products or resources that may be difficult to produce locally. As a result, this enhances the country’s growth and economic wealth, and also allows the country to focus on increasing the production of resources or goods that the country can then export elsewhere. For example, in the simulation, Rodamia produces both corn and cheese, but they have a comparative advantage in†¦show more content†¦There are various factors that cause the fluctuation in the rates of exchange; International trade affects the value of a currency, particularly through how much export or imports a nation may have, countries selling so many goods and services to others, tend to appreciate their Forex standards and those importing highly normally have their currency fall in value since they are spending more to their trading partners than they gain from them. Political and psychological factors are believed to have an influence on exchange rates. Many currencies have a tradition of behaving in a particular way for e.g. Swiss franc as a refuge currency. The US Dollar is also considered a safer haven currency whenever there is a political crisis anywhere in the world. Speculation normally affects the currency value when there is belief that a particular economy is over heating and that soon there will be devaluation, then chances are high that, speculators will pull out their monies, causing there to be more supply than demand on the Forex for that particular currency, he nce its depreciation. World Trade Organization The World Trade Organization (or â€Å"WTO†) is a multi-national cooperative organization that provides a forum in which to discuss international trade. Member-nations agree to abide by rules decided through the WTO, and in return are allowed to vote on changes to those rules,Show MoreRelatedInternational Trade Simulation and Report1417 Words   |  6 PagesInternational Trade Simulation and Report International trade is the exchange of goods, capital, and services across international borders or territories. In most countries this trade represents a significant share of their (GDP) gross domestic product. This type of trade has political, economic, and social importance to all nations involved. There are many factors surrounding international trade, such as, advantages, limitations, foreign exchange rates, and others. As we review these factors,Read MoreEssay on International Trade Simulation987 Words   |  4 Pagessummarize the International Trade Simulation, explain the basic concept of International Trade, emphasize the four key points from the reading assignments in the simulation, and apply these concepts to my workplace. Simulation Summary In the International Trade simulation, you are the Trade Representative of a small country called Rodamia. You are introduced to international trade--the theory of comparative advantage and the impact of tariffs, quotas, and dumping on international trade (Applying InternationalRead MoreInternational Trade for the Country of Rodamia: A Report1200 Words   |  5 PagesInternational Trade This report discusses international trade for the country of Rodamia. The report talks about advantages and limitations of trade, and also comparative and absolute advantage. The report also discusses influences that affect foreign exchange rates. Advantages and Limitations of International Trade International trade benefits Rodamia in several ways. Trade between countries helps them make the most of their natural resources. 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