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Trade Paper

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Submitted By brutis
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International Trade

International Trade
Learning Team C
November 15, 2010
ECO/212
Nancy Irizarry

INTERNATIONAL TRADE

International trade is very important to a global economy. When countries can trade products and services that they produce with other nations without obstacles, it creates a robust economy for those exporting and importing their products and services. However, there has to be a balance between the nations to prevent protectionism, isolationism and high tariffs on imports, which can lead to trade wars. The debate over free trade and tariffs is a very complicated process as evident with the creation of the World Trade Organization (WTO). “The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business” (WTO, 2010, p.1) Free trade has its advantages and disadvantages. The advantages and disadvantages depends on the frame of thought regarding trade. Within the simulation for international trade, one such advantage was the ability of a country to have a comparative advantage over another . When speaking in terms of a comparative advantage, its referring to a nations ability to produce a product or service at a lower price than another nation. Producing a product or service at a lower cost is the foundation of international trade. All countries who trade have the comparative advantage at something. The advantage could be in the form of skilled labor, technology, agriculture , or natural resources such as oil. When all countries within a free trade agreement can exercise their competitive advantage all countries gain. If importing the product or service, the nation is receiving it at low cost, which is good for consumer spending. In addition, if a nation the

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