International Trade Simulation Essay Example for Free

International Trade Simulation Essay In jumping into international trade a country would ideally want to maximize profits and maximize the impact of opportunity costs associated with importing and exporting goods and services. The ideal situation for a country involved in international trade would be the exportation of specialized goods that can be efficiently produced and the importation of goods that are produced elsewhere that are produced under similar conditions. Doing so creates reasonably priced goods that are desirable to other countries. The contents of the paper will discuss the advantages and limitations of international trade as identified in the simulation and will indentify four key points from the reading assignments that were emphasized in the simulation. In addition there will be a discussion on the application of what was learned in the simulation to a familiar organization. Lastly there will be a summary of results from this assessment. Rodamia International Trade Advantages and LimitationsOne major advantage of international trade, as pointed out in the simulation, is that by importing certain goods that a country does not have an advantage over means that the country will be able to optimize the production of the products that they do have advantage over. In this type of situation a country exports an efficiently made, high quality product. For example in the first scenario Rodamia the best products for export were cheese and DVD players. Due certain choices along with availability of technology and resources those commodities were the best choices to produce and subsequently export. Importing corn from Uthania was another good choice because corn is produced at a lower opportunity cost which passes that savings along to Rodamia. In addition importing corn allows Rodamia to put a large amount of its resources into producing cheese. Suntize has a comparative advantage in electronics so importing watches from them was a good decision as well. In trading with Suntize and Uthania this made Rodamia in line with opportunity costs of production in each country. The limitation is that comparative advantage does not stay the same because over time as technology develops and skill level adapts the advantage changes as well. Scenario 2 3Another advantage is that in order to stabilize international conditions countries can decide to or not to impose tariffs to equalize the  market. In the second scenario Suntize exported watches to Rodamia at a lower price than the watches Suntize was selling domestically. Placing a different price otherwise called dumping, causes the international market to become unstable. Rodamia decided to place a tariff so that the price imported can equate to the market value of the watches. The dumping margin was calculated at 25% which would raise a tariff of $40 per unit or 25% of the export price. The tariff also proves to help protect the domestic producers. This is so because the number of imports starts to decrease and domestic production numbers raise because of it. In Rodamia the tariffs caused imports from Suntize to drop to 2.00 million units and increased domestic production to 6.00 million units. One of the limitations is that imposing tariffs means that consumers will no longer be able to reap the benefits of a cheaper imported product. High tariffs can mean that consumers may have to pay for higher priced domestically made goods. In scenario three not imposing a tariff proved to be an advantage because not imposing a tariff on Uthania and Suntize caused them not to impose tariffs on the cheese that is imported from Rodamia. A tariff would also harm goods producers in Uthania and Suntize. The limitations are that in Rodamia the corn industry is in its beginnings and imposing a tariff would protect the domestic industry from cheaper produced corn. A tariff would foster the potential for Rodamia to be a large corn producer. Scenario 4Free trade improves domestic market competition. What this means for the consumer is better quality goods and for producers an expanded market in which to export their goods. Countries involved in free trade benefit from all the other countries involved as once a country determines their competitive advantage other countries can reap the benefits of having quality goods. Rodamia has decided to negotiate free trade agreements with both Uthania and Suntize. In doing so free trade negotiation lowers trade barriers which allow countries to explore other markets. This can provide consumers with a larger variety of products. In addition opening the country to other markets increase production leads to an increase competition and consumers benefit from this. The limitations are that free trade negotiations do not affect countries that are not a part of the FTA. Countries outside of the FTA will have high trade barriers. Four Key PointsFour key points that were emphasized in the readings and in the simulation were comparative advantage, consumer surplus, opportunity costs, and trade restrictions. Comparative advantage is when a country possesses the technology and resources to produce at good at a lower cost compared to another good and another countries production. Since Rodamia could produce cheese efficiently their comparative advantage would lay in cheese production. The comparative advantages in the simulation determined Rodamias exports and imports from the neighboring countries. Consumer surplus is when a country can produce goods at a lower price than another country. The country of Suntize may have had a consumer surplus with its production of electronics. The decision to choose Suntize to import watches was based upon the fact that Suntize had an advantage in producing electronic goods. Opportunity cost is the benefit foregone by producing a certain good (Colander, 2004). Opportunity costs were weighed heavily in Rodamia choosing goods to export. Rodamia was encouraged to export the commodity that had the lowest opportunity cost which turned out to be cheese. Giving away 2000 tons of corn cut cheese production in half where as if no corn was exported and imported instead, yields 8 million pounds of cheese. The last key point involves trade restrictions. Some types of trade restrictions include tariffs, quotas, embargos, and licenses. Tariffs were imposed upon Suntize for creating an unbalanced market. The tariff helped to equalize the imported price with the market value. Not imposing trade restrictions can also help not to harm foreign producers of goods and in return they may not decide to place tariffs on imports. Application of SimulationAs a frequent traveler to foreign Asian countries I now know why some countries produce the goods they produce. For example Jasmine rice is widely known as a Thai commodity but their number one export is computers and computer parts. This is so because Thailand has a comparative advantage in producing those goods and exporting them. Because of the lowered price of production Thailand will be able to export units at a reasonable price making those products desirable to countries that are in need of them. In addition I also see the major disadvantages of being a country that does not have any sort of comparative advantage. This would  make it difficult to trade with other countries that will look for products that can be produced efficiently and less costly. Summary of Results Scenario 1:Exports: Cheese and DVDsImports: Corn/UthaniaWatches/SuntizeScenario 2:Level of Tariff (%/unit): 40Imports from Suntize (million units): 2.00Domestic Product (million units): 6.00Scenario 3:Tariff level: 0%Imports from Uthania Alfazia ($ in million): 37.29Exports from Uthania ($ in million): 32.48Exports to Alfazia ($ in millions): 8.86Rodamias Balance of Trade ($ in millions): 4.04Scenario 4Weather to Negotiate FTAs: YesCountry to Negotiate FTAs with: Alfazia and Uthania Conclusion In summary international trade does not come without issues of creating optimal exports and importing the most cost efficient goods. International trade seems to expand the variety of goods that consumers want and for a country and its producer it seeks out new consumers and markets. The contents of this paper has discussed the advantages and limitations of international trade as identified in the simulation and indentified four key points from the reading assignments that were emphasized in the simulation. In addition there was a discussion on the application of what was learned in the simulation to a familiar organization. Lastly there was a summary of results from this assessment. References: Colander, D.C. (2004). Economics (5th ed.). Burr Ridge, IL: Irwin/McGraw-HillUniversity of Phoenix. (2007). Applying International Trade Concepts. Retrieved on October18, 2007 from, University of Phoenix, rEesource, Simulation,ECO360- Economics for Business I Web site.

What Did We Learn from the Vietnam War? Essay -- Vietnam War Essays

â€Å"Teaching the Vietnam War makes one realize how the shape of a narrative determines, and is determined by, its content† (Franklin 246). The Vietnam War was one of America’s most controversial wars. Many of its aspects are still plagued with great uncertainty. Those aspects of the Vietnam War are argued and debated about, they were argued during the time of the war and the arguing has continued. The Vietnam War was indeed a time of confusion. Why did the war start? What was the United States’ real reason for getting involved? What was the objective of the war? What were the American soldiers really fighting, or in reality, dying for? How do you explain a war to someone who has not experienced firsthand, especially if you were not around yourself? There is no real answer. You can give the facts and figures, but that leaves out the true grit of a war. The human perspective must also be given. As with any war, the Vietnam War had many perspective: th e protestors, the politician, and lastly, but most importantly, the soldier (Although there are many other stories that could and should be told). Through the facts and figures and the eyes of those who were there, an individual could learn about the Vietnam War, although how many actually want to understand war is uncertain. The facts and figures are one of the first things that should be learned about the war (Although many would argue the facts). The Vietnamese waged an anti-colonial war against France between 1945 and 1954. They received $2.6 billion in financial aid from the United States to aid their efforts. The Geneva Convention followed the French defeat at Dien Bien Phu, where Laos, Cambodia, and Vietnam all received independence. Vietnam was momentarily divide... ...n Vietnamese deaths. Still today, many Americans still ask whether the American effort in the Vietnam War was necessary, a sin, a mistake, or a noble cause, or an idealistic, if failed, effort to protect the South Vietnamese people from the North. In order to truly understand the war you and to determine your own answer to the many questions it is still pending, you must look at the war from every perspective and understand the many facts it produced. Dr. Carl Sagan wrote, â€Å"You have to know the past to understand the present†. The Vietnam War is a large part of America’s past. It is important to know of the Vietnam War and to know of those who experienced, so you may learn of how America came to be as it is today and were it may be heading, of whether or not we learned from our mistakes or if we are destined to repeats those made during the Vietnam War again.

American Revolution Being a Civil War Essay

To a certain extent it is accurate to call the American Revolution a civil war. The colonists were  under British control at the time, between regions of the same country. It becomes a war between two  nation states.  Within the colonies, Revolutionaries were not only fighting against the British but also with the  Loyalists who still believed and agreed with the king. As Britain being the overall state, it was a war  within their sovereign, but also within their country. But, the American Revolution was the colonists  believing that they had a right to develop their own country and succeed from Britain. During the battle  of Kings mountain one side consisted of Loyalists under British control and serving in their army. The  other side consisted of Patriots who were the overmountain men. Both sides were completely American  but one side supported Britain and the other opposed. The American Revolution was to overthrow  the government and start to create one of their own, which is exactly what is what it was. So although  the American Revolutionary War was between those of the same citizens, like a civil war,  it also falls under the definition of a Revolution. Although some do believe that the Revolutionary War was, just that. But taking into  consideration the fact of the colonies being an actual part of Britain and being a war within Britains  control and their provence, it can be considered a Civil war. So to a certain extent, the Revolutionary  War can be considered a Civil War.

The Best Study Techniques for Your Learning Style

As you develop your study habits in law school, it’s important to understand what type of learner you are so you can craft your learning techniques around that. After all, if you can identify techniques that play to your strengths, your chances of remembering information and doing well in school significantly increase. There are three types of learning styles: visual, auditory and kinesthetic. If you’re not sure what type of learner you are, take this quiz to find out. In this post, we’ll look at some tips to help you depending on which learning style fits you best. Visual Learner Take Notes in Lectures – Visual learners have a tough time remembering the every word the professor says from the podium. That’s why it is critical to take notes during lectures. Be sure you also write down what is written on the board. Once class has ended, re-read and re-write your notes since that process of reading and seeing the words will help commit the information to memory. Write Outlines – One of the best ways to prep for law school exams is to outline your material. This process is especially useful for those who learn best through sight because thinking through the material – and writing it in outline form – will help you create a visual pattern that’s easy for you to understand and recall clearly for exams. Mark Up Your Materials – Multi-colored highlighters are a visual learner’s best friend because you will remember what you read based on the colors on the paper. Assign each color a value that you’ll need to recall and then use the appropriate colors as you read your case law, class materials and notes. For example, highlight the issue in yellow; the rule in green, etc. Auditory Learner Record Lectures – Your first priority as an auditory learner is to pay attention in lectures since listening is how you will retain information. You will also benefit from recording the lecture on your smartphone. Then make time to listen to the recordings after class and write notes from the information. Talk Out Answers – If you’re an auditory learner, you probably find yourself talking out loud even when you don’t realize it. It’s like you are – literally – hearing yourself think. When you’re studying with sample essay questions, read the questions and answers out loud. Keep in mind you should write the answers on paper as you speak them since your exams are not oral. Use Word Association – Word association is a great way for auditory learners to study and remember facts. Mnemonic devices, such as songs or rhymes, are great to pair with case law and your outlines. Your brain will automatically recall the song and the information it represents. Kinesthetic Learner Create Flow Charts – Since kinesthetic learners study best by doing, building a structure for your notes will help your mind comprehend the information and recognize patterns easily. Create flowcharts and graphs in a visual way when you re-write your notes and outline cases. For example, use different color Post-it notes to create flowcharts on whiteboards and empty walls. The act of creating the flowchart will help you retain the information. Combine an Activity with Studying – Kinesthetic learners retain information best when they are doing activities. Try going for a walk or using the elliptical machine while listening to audio recordings of lectures and notes. Keep Your Fingers Busy While Studying – One way to enhance your learning is to engage your fingers in the studying. For example, trace words and re-write sentences to learn key facts. Typing your notes and using the computer is another great way to reinforce learning through sense of touch. Perfecting these techniques now will not only help you understand the law school material, but also get you ready come exam time. Whether you’re a visual, auditory of kinesthetic learner, try a few of the study tips to see which works best for you.