Abstract The purpose of the International Trade Simulation was to learn and 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. International Trade Simulation Introduction The simulation is assigned to familiarize one with the tools of International trade that government uses to keep the economy moving ahead. The theory of comparative advantage and the impact of tariffs, quotas, …
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showed last 75 words of 1235 total
…still remarkable that countries refrain from developing Free Trade Agreements when most economists agree that it would result in a incredible advantage to all economies involved. But it was most interesting to note that comparative advantage can be applied to more than international trade; it can be applied to every individual's life and ordinary situations. References Colander, D.C. (2004). Macroeconomics. [5th ed.]. Irwin/McGraw Hill: Burr Ridge, IL. Applying International Trade Concepts: (2003). Apollo Group, Inc.