Words of Wisdom:

"Pain is merely weakness leaving the body." - Ldpende

International Trade Simulation

  • Date Submitted: 05/18/2013 07:44 AM
  • Flesch-Kincaid Score: 47.3 
  • Words: 977
  • Essay Grade: no grades
  • Report this Essay
International Trade Simulation


The simulation that we worked on for the Internatonal   trade assignment involved four countires; Rodamia, Uthania, Suntize, and Alfazin. In the simulation the economic survival of these countries depended on the availability factor and utilization of their countries resources. Each country had different strengths and weaknesses. The economic strengths of Rodamia were agriculture, industry and services.   Products produced in Rodmia were chocolate products and confections, similar to their neighbor Uthania.   Uthania economic stronholds were corn, coal and other minerals. Alfazins agrarian industry was solid. Rice and cotton were also part of Alfazins primary crops. Suntize had a different situation, its main production centered around electronic goods. These countries traded and this created the world of import, including tariffs, quotas, imports and exports.   In the simulation, Rodamia is a growing country, getting involved with these surrounding countries in a economic globalization situation would increase its growth even further.
International trade has the capability to escalate the competitive advantage or opportunity cost of a country. Many countries have recognized that international trade has become a necessity due to the comparative advantage that is inflated by production of similar products and services generated by other countries. Larger countries have the absolute advantage over smaller countries, as it is capable of producing larger volumes at a lower cost.   It is very hard for a small country to compete with a large country. The smaller country will need to make decisions and sacrafices of other products in order to keep up with the volumes created by the large country. Larger countries have an advantage due to the possibility of technological advances, lower labor costs, more manpower creating more volume.
When contrasting these concepts with Rodemia and the other involved countries we see that Rodamias major...

Comments

Express your owns thoughts and ideas on this essay by writing a grade and/or critique.

  1. No comments

  1. International Trade Simulation
    International Trade Simulation What are the advantages and limitations of International Trade identified in the simulation? The advantages and limitations of...
  2. International Trade Simulation
    In the International Trade simulation, you are the Trade Representative of a small country called Rodamia. You are introduced to international trade--the theory...
  3. International Trade Simulation And Report
    International Trade Simulation and Report ECO-212 Principles of Economics - Robert Coates University Of Phoenix Faithlyn Wright, Trina Drinka, David...