Commercial Law and Practices

When a country puts an extra cost on certain imports.

Vocabulary List:
Transnational institutions
WTO
workforce Labor law
General Agreement on Tariffs and Trade
IMF
Gdp/capita Emiritization
European Union
Trade sanction Poverty privitization
Import control Quota system
Taxation gratuity
copyright Patent Monetary system
trademark GDP Rule of law
inflation unemployment

Task2 How is my country performing in business compared to the rest of the world?
Country business profile

Find business and economic data for the 6 GCC countries and 4 other countries of your choice. Use a table
similar to the example below. You can use any website you choose, but please list the website you use to find
the data. A list of possible websites is given. For formatting purposes it may be better to prepare this pate
separately and print this landscape. I have completed the first row for you.

Country GDP
exchange rate Population GDP/capita Inflation rate Unemployment rate YOUTH School life
Workforce
UAE $360.1 Billion 5,314,317 $48,800 0.9% 12.1% 13 years 4.1 million
Kuwait
Qatar
Saudi Arabia
Oman
Bahrain
Italy
Example
USA
example
UK
example
Brazil
example
Website used: https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html

 

Task 3
Answer for or against. 300 words minimum.
Is it beneficial or does it hurt a country’s standard of living to impose trade controls like tariffs, quotas
and import duties? Any side is fine, agreeing or disagreeing. Convince me your idea, agree or disagree, is
right.
Some reading that might help you:
http://economics.about.com/cs/taxpolicy/a/tariffs_quotas.htm
http://www.albany.edu/~aj4575/LectureNotes/Lecture21.pdf
http://wiki.answers.com/Q/What_are_the_basic_arguments_in_favor_of_free_trade
Task 4
What decides the standard of living for a nation?
The quality of life?
The lifestyle?
Look at the model and answer the questions on the next page.

Standard of Living Model
Consumer sentiment GDP
Inflation

 

Transportation
Political System
Medical system
Taxation

Literacy Rates
Standard of Living
Electricity Produced
(Utilities)
Education levels

Consumer expectations Local Culture Banking System Poverty levels
Population Crime Rate

Employment Physical Environment Death rates

Legal System Family

Access to technology Balance of Payments Availability of Credit
Questions on Standard of living:
1. Make a table similar to the one below and list each item above in the table.
Standard of living items
Measurable Non measurable
population Local culture

2. What is a Standard of Living?
3. Why does each country have a different standard of living?
4. How do laws for business and the rule of law increase the standard of living?
5. 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?

Possible presentation questions:
1. What is a tariff?
2. What is a quota?
3. What is a standard of living?
4. What is the rule of law?
5. Why is the rule of law so important to help an economy grow?
6. Convince me that you agree/disagree with trade sanctions.
7. What is free trade? Do you think it really works?
8. How is trade connected to Commercial Law?
9. Why do we study copyrights and trademarks in our class?
10. Choose the two items from the standard of living model that you consider to be the most important and
convince me why these two are the most important to you.
11. Look at question 5 above under the Questions on the Standard of living. Which category do you think
the UAE fits into? Why?
12. Does having a better business economy really help the people in that country have a better life? If
you think yes, tell me how it helps. If you think no, tell me how it doesn’t really help.
13. What does the WTO do?
14. What does the IMF do?
15. Should the GCC form a union similar to the European Union? Why? Why not? Advantages? Disadvantages?
Difficult because? Easy because?
16. How does having a majority expatriate labor force influence legal policies in the UAE (visas?
Gratuities? Benefits? Rights?).
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