International Trade Concepts

Topics: International trade, International economics, World Trade Organization Pages: 4 (1019 words) Published: July 2, 2011
An Education on International Trade Concepts
Elizabeth Freeman & John Bellusci
University Of Phoenix
Economics 212
PhD Luis Torres
Jun 20, 2011

Applying International Trade Concepts simulation and Economics Write a 1,050- to 1,750-word report in which you address the following:

• List at least one advantage and one limitation of International Trade as identified in the simulation. John • Identify four key points from the reading assignments that were emphasized in the simulation .Beth • Define absolute and comparative advantage. John

• Describe the influences affecting foreign exchange rates. John • Beth, debate the issues surrounding international trade. • For each member of the team, what were the Concept Summary results for the assessment? John • Beth, evaluate the effects of government policy on economic behavior. • Go to the World Trade Organization website ( to address the following: What is the WTO? Briefly describe one trade topic identified by the WTO on the website. And, what did you learn from the Web site about the WTO? Beth An Education on International Trade Concepts

In the past professionals working in the field of international trade policy tended to receive their knowledge on-the-job. This used to be a reasonable method of knowledge transfer when work in trade policy was confined to a narrow audience and a limited number of trade policies. This is no longer appropriate in the era of globalization. Learning the factors affecting international trade, understanding the Ricardian Model and being able to recognize the long term politics of the governments with which we trade, is key to exercising any expertise in International Trade. Kerr (2007) Trade is important to every nation because nations are endowed with difference quantities, qualities and costs for resources like land, labor and capital. So, each nation needs to optimize its wealth in those areas as efficiently as possible so to have...
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