Essay on Week 8 Simulation Notes

Submitted By amgreear
Words: 500
Pages: 2
Open Document
 List at least one advantage and one limitation of international trade you encountered in the simulation.
 Define absolute and comparative advantage in your own words.
 Explain how absolute and comparative advantages were used in your simulation.
 Describe the influences affecting foreign exchange rates.

The Trade Representative Office of Rodamia
Michael Jacobs -President of Rodamia – chief advisor negotiator and spokesperson
Lisa Drake – Chairman
Walter Barnes – deputy Trade Rep – responsible for trade negotiations w/ neighbor countries/ regulating trade
Countries
Rodamia – population & economic development GDP – 4% agriculture (corn, wheat, cotton, dairy & poltry), 30% industry, 66% services
Suntize- popular tourist attraction/ beautiful beaches/ shopping. Manufactures various electronic goods – MP3’s DVD players, tablets 55% of GDP from services/ 42% from industry contributes/ 3% rom agiculture
Alfanzia – low density population/ picture land & open spaces Primary crops include – corn, rics, cotton, fruit & veggies/ tobacco GDP – 39% agriculture, 20% industry (processd foods/textiles)/ 41% services
Uthania – rich mineral & coal deposits & strong industrial sector Chocolate & confections – country forte GDP – 40% industry/ 12% agriculture (corn, soybeans, coffee, cocoa, & dair, poultry)/ 48% from services

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...
One limitation of international trade is the time a country decides to impose a tariff or a quota on another country; there are always consequences to these decisions. Sometimes the best decision is not made and then one has to deal with what comes out of it good or bad. A country can import
Show More

Related Documents: Essay on Week 8 Simulation Notes

Essay about Marketing: Assessment Task

AFF2631 Financial management Unit Guide Semester 1, 2012 The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time. Last updated: 23 Jan 2012 Table of Contents AFF2631 Financial management - Semester 1, 2012.............................................................................1 Mode of Delivery..............................................................…

Words 3456 - Pages 14

MAT 540 MIDTERM EXAM Essay

table of random numbers must be normally distributed and efficiently generated. 6. Starting conditions have no impact on the validity of a simulation model. 7. The Delphi develops a consensus forecast about what will occur in the future. 8. Qualitative methods are…

Words 1315 - Pages 6

Essay on the organziation

Hall 235 Class meets three Fridays at the beginning of semester and on last Friday of classes at the end of the semester. Text Business Strategy Game Simulation players guide and access to game web site will be obtained by students using codes supplied by me. This course carries 1.5 credit hours and this course PMBA8880-Lab Strategic Management Simulation is a companion course to the capstone course PMBA8880 Strategic Management. This course meets in class for two Fridays in the beginning of the semester…

Words 2894 - Pages 12

Management Course Policies and Practices Essay

organizing, controlling, and leadership. Topics include: origins of management, forms of business ownership, entrepreneurship and intrapreneurship, organization structure, strategy, and international management. A computer-assisted management simulation will be used. Lecture: 3 hrs. POLICIES AND COURSE PRACTICES Course Management Every effort will be made to manage the course as stated. However, adjustments may be necessary during the term at the discretion of the instructor. If so, students…

Words 1609 - Pages 7

Essay on Contract and Electronic Reserve Readings.

| | | | |Format your paper consistent with APA guidelines. | | | |Week Two:…

Words 2333 - Pages 10

Mast235 4 14 CourseOutline Essays

Midterm Test: There will be one midterm test (based on the material of weeks 1-6) which will contribute up to 25% to your final grade (see the Grading Scheme). It will be held in week 8, after the midterm break, on Wednesday March 4, 2015. NOTE: It is the Department's policy that tests missed for any reason, including illness, cannot be made up. If you missed the midterm because of illness (to be confirmed by a valid medical note) the final exam can count for 85% of your final grade, and 15% will…

Words 1134 - Pages 5

Essay on project management

requirements 18 Assessment summary 5 Librarian 18 Assessment 1: Case notes (20%) 6 Other resources that might help with university life 19 Overview 6 Details 6 Marking criteria and standards 7 Assessment 2: Case presentation (5%) 7 Details 7 Marking criteria and standards Assessment 3: Project planning with MS Project® (25%) 8 8 Overview 8 Details 9 Marking criteria and standards Assessment 4: Focused reflective report…

Words 6308 - Pages 26

ACST8061 WEEK1NOTES Students Essay

Enterprise Risk Management 2 - WEEK 1 Tim Higgins S2, 2015 Tim Higgins Enterprise Risk Management 2 - WEEK 1 Learning Objectives Upon successful completion of the requirements for this course, students will be able to: 1 Describe the properties and limitations of common risk measures. 2 Describe how models can be used in the ERM decision-making process. 3 Demonstrate an understanding of different quantitative techniques for modelling and measuring risk including: Risk aggregation methods Statistical…

Words 2687 - Pages 11

Marketing Essay, Concepts, Theory, And Laws

instructor doesn’t have other appointments at those times. PREREQUISITE: Students must be in Upper Division. REQUIRED TEXT: Marketing, 3rd Edition by Grewal & Levy; ISBN - 978-0077632694. You must have access to Connect. REQUIRED SIMULATION LICENSE: $25 Marketplace Simulation Live COURSE DESCRIPTION: This course provides an introduction to the vocabulary, theories, and practices of the business functional area of marketing to include segmentation, target marketing and positioning. It emphasizes developing…

Words 3358 - Pages 14

Lessons Learned Essay

ahead for identifying potential risks, challenges, or even opportunities that the group may encounter when accomplishing the tasks at hand. DigiCam effectively participated in a virtual business simulation game focused on marketing, business strategy, and competing with several digital camera…

Words 2075 - Pages 9