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Applying International Trade Concepts Paper, James Michael Smith

1423 words - 6 pages

Applying International PAGE 5
Running head: APPLYING INTERNATIONAL TRADE CONCEPTSApplying International Trade ConceptsJames Michael SmithUniversity of PhoenixApplying International Trade ConceptsThe acronym TEAM stands for Together Everyone Achieves More, and can visibly be seen within the concepts of international trade. Through comparative advantage, everyone truly achieves more. This paper will cover the Applying International Trade Concepts Simulation and explain the advantages and limitations of international trade, explain the effects of international trade on the US economy, go over how changes in fiscal and monetary policies affect exchange rates, list four key points from the ...view middle of the document...

d.). The simulation puts the user as the Trade Representative who reports to the president of Rodamia as an advisor. The first portion of the simulation is devoted to creating a comparative advantage on what to export and who to import from. The first two choices were corn and cheese and the other two choices were DVD players and watches. The ideal pick would be for the country of Rodamia to export cheese and DVD players and to import corn from Uthania and import watches from Suntize. The second portion of the simulation has the user addressing the watch dumping that is going on. To help raise the price of the imported goods, an anti-dumping tariff is added at 25% the export price, $40. The third part of the simulation questions if tariffs should be added onto corn imports that come into the country of Rodamia. A good route to go here was to leave trade free on both sides and not place a tariff since free trade helps out both sides of the trade. The last portion of the simulation asks if free trade between Rodamia, Alfazia, and Uthania should be encouraged. The best option would to encourage free trade since it opens up new areas of investments, increased demand for domestic items sold in other countries, and the opportunity to explore other markets.The advantages of international trade as summed up in the above explanation of the simulation is the comparative advantage that countries get when each country specializes in what they are good at doing of have the resources to complete the job in the most productive manner. As a second thing discussed in the text that applies to an advantage of international trade is the principle of increasing marginal opportunity cost. The principle of increasing marginal opportunity cost states that to get more of something a person has to give up ever-increasing amounts of something else. More efficient inputs have to be placed and comparative advantage allows countries to be efficient at the inputs they put in so that they output is better than if done alone. Trade restrictions such as tariffs, embargos, and quotas can be beneficial to society but can also be used as bad and can be used for retaliation if a country decides not to like the other country (Colander, 2004). These things can be minimize by having good trade agreements set into place.The US economy can be better off or worse off depending on the phase in the business cycle. During different periods of expansionary or contractionary monetary and fiscal changes, trade deficits or surpluses can occur. The dollar's value could change depending on which side imports and exports are disproportioned. As a whole, the US economy gains more through the use of international trade with less inputs and makes the economy more efficient.Through expansionary monetary and fiscal policies, the Federal Reserve and government are trying to put more funds into the hands of the country. When this occurs, it causes the exchange rate to go down. On the other hand, when...

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