Essays on World Trade Organization, General Agreement on Tariffs and Trade Assignment

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The paper "World Trade Organization, General Agreement on Tariffs and Trade " is a perfect example of a business assignment. In full WTO stands for World Trade Organization; it is an organization that deals with the global rules of the trade that takes place between nations. Its main function is to ensure that trade flows as smoothly and freely as possible. Workforce This is a pool of labor in any form of employment. It is a term that is used to refer to the people who work for a single industry/company. Labor law We can also refer to them as employment laws.

They are a body of laws that address working people’ s rights of, restrictions on as well as their organizations mediating any aspect of the relationship between trade unions, employees and employers. General Agreement on Tariffs and Trade (GATT) This is an agreement that covers international trade in goods. IMF International Monetary Fund is an organization that works towards fostering global monetary cooperation and secure financial stability. Gdp/capita GDP stands for Gross Domestic Product which is the approximation of the value of goods that are produced per person in a given country equal to the country’ s GDP and then divided by the total population in the country.

It is most useful when comparing one country to another for it is a great indicator of a country’ s economic performance. Emiratization This is the UAE government initiative seeking to employ its citizen in an efficient and meaningful manner in the private and private sectors. European Union This is a political and economic union of 27 European countries; it operates on intergovernmental negotiated decisions by the very member states. Trade sanction This is a trade penalty imposed onto a nation by another or others. Poverty This is a situation where people cannot satisfy their basic needs leading to the deprivation of food, shelter, clothing and money.

According to the United Nations, it is a situation where people live under a dollar a day. Privatization This is the process of transferring ownership of a business or public service from the public sector or from state ownership to the private sector. Import control This is an action taken by a government to limit the number of goods that can be brought from other countries with the purpose of selling. Quota system Legislation aimed at limiting by nationality the number of people/immigrants who enter the U.

every year. Taxation This is the means by which a government finances its expenditure through the imposition of charges on citizens as well as corporate entities. Gratuity This is the money given and in return is some service or favour in a particular. Copyright This is the exclusive legal right that is given to an originator so that he can print, publish, film, perform, or even record his work. Patent It is the authority given to an individual or to an organization/inventor conferring a right or title so that they can be the sole right owners of the right to make or sell their invention for a given period/years. Monetary system This is similarly like a medium of exchange; something that is generally accepted as a standard value as well as a measure of wealth in a region or a country. Trademark                    Legally registered symbol, word/words for use by a company or product. GDP This is an abbreviation for Gross Domestic Product.

It is the market value of all goods and services that are produced and officially recognized in a country over a given period of time. Rule of law This is in short a state in which there is a state of order and where events conform to the law. Inflation This is the general level where the purchasing power goes down while the level of prices of goods and services rises. Unemployment This is the number of people without employment or a source of income. Task 3 Is it beneficial or does it hurt a country’ s standard of living to impose trade controls like tariffs, quotas and import duties? To start off this discussion, it is important to note that imposing trade controls such as tariffs, quotas as well as import duties hurts the standard of living.

For instance, on many occasions, tariffs may not bring the desired effect and these results in hurting the standard of living of a country. Quotas on the other hand may do much to raise the prices of goods. Let us now look at the various arguments against the trade controls. Import quotas, as well as tariffs, are argued to lead to smuggling even as they are set to reasonable levels.

When the prices of various commodities are set, people will do whatever they can to acquire them at relatively lower prices. , this will result in the smuggling of those commodities as a result again the government does not earn revenue which hurts the economy. And as this happens, this is translated to hurting the country’ s standard of living. Moreover, the restriction to free trade kills the theory of comparative advantage. A situation where the world consumption, as well as the resources, are put into use better but with the trade controls, there is a restricted consumption of various commodities due to effects of price hikes which are usually as a result of tax imposed through the trade controls.

On the other hand, the trade barriers will hurt the standard of living since the people will not enjoy a greater variety of commodities controls of better quality as well as cheaper prices. The trade controls lockout the chances for a variety of commodities as well as a competition which would result in lower prices forcing the people to dig deeper in their pocket so as to afford the low variety high priced commodities available.

For any reason that a government may have, they should always consider the harm the trade controls have on the standard of living. What is a Standard of Living? This is the level of substance or level of comfort in individuals, class, or community’ s everyday life; they are factors such as income, quality and availability of employment that contribute to the quality of standard of living. Why does each country have a different standard of living? There is one fact on this question; this is that there has been uneven growth noted not only across time but also across countries.

For this reason why some places have better living standards ahead of the rest of the world which can also be linked with the gap in per capita GDP between countries. How do laws for business and the rule of law increase the standard of living? Lawson business affect the standard of living The rule of law is vital in the operation of things such as free markets and its promotion can make a major contribution to economic growth.

Rule of law is an infrastructure that is very essential for economic development. For this reason, the lack or absence of the rule of law means that the standard of living is bad since the cumulative costs of an operation without the rule of law are enormous. Are you familiar with the terms: Developed World Countries? Third World? Developing Countries? Find them if you are unsure. Which category is the UAE placed in? Why? UAE according to me is a developed country since it is a rich country with a GDP per-capita that exceeds US$2,000 as per the 2011 results.

It has one of the highest per capita incomes in the world not forgetting that it has a sizable annual trade surplus. It is also notable as a developed country for it has the highest average income in the world. This is just what a developed country should possess to achieve the status of a developed country.    

References

Import Quotas. (n.d.). Retrieved November 25, 2012, from Trade Controls: http://www.albany.edu/~aj4575/LectureNotes/Lecture21.pdf

The Central Intelligence Agency. (2011). Work of a Nation. Retrieved November 25, 2012, from World Fact Book: https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html

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