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Submitted by jenegreen on January 8, 2006
Category: Business
Words: 782 | Pages: 4
Views: 664
Popularity Rank: 12,060
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International Trade
Rodamia shares its borders with three countries Uthania, Alfasia, and Suntize and has begun considering the possibilities of trade with them. Rodamia is a large country, the largest compared to its neighbors in terms of area, population, and level of economic development. Four percent of the country's Gross Domestic Product (GDP) comes from agriculture, mainly corn, wheat, cotton, and dairy and poultry products; 30 percent comes from industry; and 66 percent comes from services.
What are the advantages and limitations of International Trade in the simulation?
International trade is essential and important for every country. That is due to the fact that nations are capable of producing different capacity and quality of products. Moreover, the cost of resources like land, labor, capital, and entrepreneurship could be dramatically different even between neighboring states. Each country wants to optimize its wealth by using these resources as efficiently as possible. To maintain low cost a country will export goods that have a low production cost and import goods that are more cost prohibited elsewhere.
As in any economical equilibrium there are pros and cons to international trade. Control mechanism must be put in place to insure that trade laws are not broken. If a nation has a long-term fiscal plan this objective can be met through the development of healthy trades with foreign countries. As the simulation emphasize the methodology behind importing and exporting has to be in line with the overall target of market growth, lower unemployment and a well balanced Producer Price Index and a Consumer Price Index. Long-term planning is required because it take time to identify market opportunities, expand operational relationships with foreign partners, and achieve profitable transactions.
Participating in the international markets provides opportunities for countries to, generally, improve...
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