Reference no: EM131417414
Go to the following website - https://www.nobelprize.org/educational/economic-sciences/trade/ "Play the Trade Ruler Game." Follow the instructions and play at least two complete rounds of the game. Then respond to the following:
1) Briefly describe your experience. Which island did you choose to be ruler of and who did you decide to trade with? Why did you make those choices? What was your trading strategy? Did it work? (paragraph 1).
2) Summarize the insights provided by this game into global trade. Incorporate at least four of the following terms into your discussion. I am not looking for definitions of the concepts. Demonstrate you understand their meaning by incorporating them accurately into your explanation (paragraph 2):
1. Heckscher-Ohlin
2. Comparative advantage
3. Absolute advantage
4. Free trade
5. EconoFactor endowments
6. Trade surplus (positive balance of trade)
7. Zero-sum or positive-sum game
8. Specialization of production
9. Factor proportions
3) Based on your game experience, class discussions, and your knowledge and insights, is global trade beneficial? Why or why not? (paragraph 3)
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