Posted: April 29th, 2016

Define absolute and comparative advantage. Which is the basis for trade and explain why in depth.

a. Define absolute and comparative advantage. Which is the basis for trade and explain why in depth. One answer for the team. All members should agree after discussion. I recommend setting up threads in the Team Forums where debate can occur. Minimum of two references.
b. Explain why free trade is beneficial to the world economy as well as the domestic economy. One answer for the team. All members should agree after discussion. I recommend setting up threads in the Team Forums where debate can occur. Minimum two references
c. As a team, debate the issues surrounding international trade. Your text postulates that free, uninhibited trade is beneficial to all. So, what is protectionism? Give examples. Why does it exist? Give me at least four arguments for protectionism, explain the arguments and EVALUATE them for logic. This section requires a minimum of two references
d. Each team member will submit his or her individual assessments of the simulation s Concept Summary results mentioning what they traded and what protection information was given. Everyone will make different choices, therefore, each team member will have a paragraph explaining the above. No references needed, but the simulation must be viewed and played. Paragraphs are to be submitted into the paper with the member name in parenthesis at the end. Write ups cannot be general trade information, but must show that the simulation was actually attempted.
e. Go to the World Trade Organization website (www.WTO.org) to address the following: What is the WTO? This should be included in an intro to the section but not repeated by each member. Then each team member will briefly describe one trade topic identified by the WTO on the website. As an example of what NOT to do: Do not chose a trade item such as Agriculture and follow it laws passed each year, sometimes several times per year. Instead, pick something that can be summarized in a paragraph or two and not require its own paper. Each member will submit their thoughts to the paper. No references required for this section except WTO