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The Free Trade Agreement between Rodamia and its neighbors allows the countries to expand into new markets and presents consumers more options. Exporting goods from Rodamia will increase capital that Rodamian businesses can use to invest and expand their operations and employ more citizens so the entire country benefits. The countries involved in the Free Trade Agreement encounter obstacles with other countries not in the agreement. The countries not in the agreement face higher tariffs, or quotas limiting the number of goods. Even if the nonmember’s goods are more price competitive, the barriers to free trade will raise the price and consumers will not benefit. (Applying International Trades Concept, n.d.)
Some of the concepts the simulation emphasized are, tariffs, free trade, trade restrictions, and gains and losses. Rodamia was going to implement tariffs to protect its domestic watch market from the dumping of Santize watches. The watches were going to be sold at lower prices in Rodamia than in Santize, causing injury to the domestic market. Free trade allows the countries to improve competition and provide consumers with better quality goods while trade restrictions can protect markets from dumping and protect emerging markets. When engaging in trade a country will experience gains and losses. A country will produce and export goods that it can efficiently produce and increase its economy, but a country will experience losses from the importing country because that country can provide goods more efficiently. (Hubbard & O'Brien, 2010)

References Applying International Trades Concept. (n.d.). Retrieved from http://ecampus.phoenix.edu
Hubbard, R. G., & O'Brien, A. (2010). Economics (3rd ed.). Boston, MA: Prentice…...

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