Discussion :
One of the best definitions of Economics is ‘the study of the allocation of scarce resources'. International trade is very much about the allocation of scarce resources. When resources (Land, Labor, Capital, and Entrepreneurial Ability) are allocated to their most efficient use, society is better off. Society is able to enjoy greater amounts and types of goods at lower costs. The WTO's purpose is to negotiate lower trade barriers (tariffs and quotas) so that nations can trade more freely.
However, some people feel that free trade is not in their best interests. The issue of labor standards and environmental standards are very controversial in international trade.
Do you think the United States should attempt to enforce labor standards and environmental standards on its international trading partners? Why or why not?
To answer these questions, see the WTO website https://www.wto.org/, and read the attached pdf. You may also wish to look up information on ‘fair trade'.
(If you are really interested in this topic, I recommend you read "Where Am I Wearing" by Kelsey Timmerman. This is an excellent book that will take you on a practical journey of international trade ?)
Discussion Board Grades: Discussion Assignments in this class require a minimum of 3 quality posts. A quality post demonstrates that you have read the required material and/or watched the required video, have a clear understanding of the topic, formulated an opinion, presented your opinion in a professional manner, and responded to others in a professional manner. Your first post should reflect your opinion. Your subsequent post(s) should be responses to other posts.
Tips: For future discussions, you should include more references to the required material....to show that you read it and know what others' opinions are on the issues.
Attached Files: file:///C:/Users/31270/Desktop/International%20Business_Econ%20HW.pdf