INBS310 global business communication

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Jrmmv95

Business Finance

INBS310

WVU

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Instructions: In order to complete this assignment, I am asking you to read at least three sources of your choice (e.g., newspaper articles, academic articles, books, etc.) and report a full citation of your sources in your homework. For example:

Economic Scene; Protectionism Vs. Free Trade. The New York Times, 1983 accessed at https://www.nytimes.com/1983/04/08/business/economic-scene-protectionism-vs-free-trade.html on Aug 23 2018.

Marco Rubio: To Fight China on Trade, We Need More than Tariffs. The New York Times, 2018 accessed at https://www.nytimes.com/2018/03/13/opinion/rubio-china-trade-tariffs.html on August 24th 2018.

Reagan Protectionism vs. Trump Protectionism. The Wall Street Journal, 2018 accessed at https://www.wsj.com/articles/reagan-protectionism-vs-trump-protectionism-1520030512 on August 24th 2018.

Instructions (continued): Answer the questions below

  • What is economic system? List different types of economic systems. In a few sentences describe how economic system in the US is different from China.
  • In the table below, list one or more arguments in support of free trade and one or more arguments in support of protectionism.

Unformatted Attachment Preview

INBS 310 – Fall 2018 Student’s Name: __________________ Homework # 3 on International trade Instructions: In order to complete this assignment, I am asking you to read at least three sources of your choice (e.g., newspaper articles, academic articles, books, etc.) and report a full citation of your sources in your homework. For example: Economic Scene; Protectionism Vs. Free Trade. The New York Times, 1983 accessed at https://www.nytimes.com/1983/04/08/business/economic-scene-protectionism-vs-free-trade.html on Aug 23 2018. Marco Rubio: To Fight China on Trade, We Need More than Tariffs. The New York Times, 2018 accessed at https://www.nytimes.com/2018/03/13/opinion/rubio-china-trade-tariffs.html on August 24th 2018. Reagan Protectionism vs. Trump Protectionism. The Wall Street Journal, 2018 accessed at https://www.wsj.com/articles/reagan-protectionism-vs-trump-protectionism-1520030512 on August 24th 2018. Instructions (continued): Answer the questions below 1. What is economic system? List different types of economic systems. In a few sentences describe how economic system in the US is different from China. 2. In the table below, list one or more arguments in support of free trade and one or more arguments in support of protectionism. Arguments in favor of free trade Arguments in favor of protectionism
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Explanation & Answer

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INBS 310 – Fall 2018

Student’s Name: __________________

Homework # 3 on International trade
1. What is economic system? List different types of economic systems. In a few
sentences describe how economic system in the US is different from China.
An economic system is defined as a system of resource allocation, production and
distribution of products and services in a particular geographical area or society
(Dompere, 1999, p.9). It entails the integration of a number of agencies, institutions,
decision-making processes, entities and consumption patterns which constitute an
economic structure of a certain community. Consequently, an economic system is a kind
of a social system. Regardless of the economic system, the major questions are what
should be produced, how it should be produced, the quantities to be produced and who
receives the output. There are three types of economic systems namely: capitalistic
economy, socialistic economy, and a mixed economy. The economic system in the
United State is different from that in China in t...


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