Google classroom discussion

Name:____HARJOT SINGH_________________________
Student ID:___0795006_____________
Section:A
1. Distinguish between natural law and natural justice and give and example of each?

ANS. Natural law is a philosophy that holds that everyone in a given society has the same
understanding of what is "right" and "wrong." Furthermore, natural law assumes that everyone
wishes to live a "good and innocent" life. As a result, natural law can be regarded as the
foundation of "morality." For example, natural law assumes that everyone believes killing
another person is wrong and that punishment for killing another person is appropriate.

Natural justice- Natural justice simply refers to the process of making a sensible and fair
decision on a specific issue. It doesn't always matter what is the reasonable decision; what
matters is the procedure and who is involved in making the reasonable decision.

2. Give two (2) reasons why price fixing is an unfair trade practice
Ans. A naked agreement among competitors to fix prices is almost always illegal,
regardless of whether the prices are specified at a minimum, maximum, or within a
certain range. When two or more competitors agree to take actions to raise, lower,
maintain, or stabilise the price of a product or service, this is referred to as illegal price
fixing.

3. One of the principles of WTO is that trading systems should be without discrimination.
Explain?

Ans. Because they are legal texts covering a wide range of activities, the WTO agreements are
lengthy and complex. Agriculture, textiles and clothing, banking, telecommunications,
government purchases, industrial standards and product safety, food sanitation regulations,
intellectual property, and a variety of other topics are covered. However, a few simple,
fundamental principles run through all of these documents. These principles serve as the basis
for the multilateral trading system.
Most-favoured-nation (MFN): treating others fairly Countries cannot normally discriminate
between their trading partners under WTO agreements. If you give someone a special favour
(such as a lower customs duty rate on one of their products), you must reciprocate for all other
WTO members.

4. Give three (3) disadvantages of free trade?

Ans. 1. It leads to the outsourcing of job opportunities.
Jobs are outsourced as a result of free trade because international workers are either
more experienced, less expensive to hire, or willing to work with fewer safety
safeguards. Tariffs and taxation policies aid in reducing labour outsourcing by keeping
product pricing competitive.
2. Revenues are reduced by free trade.
When free market principles are allowed to operate unchecked, revenues typically fall
due to high levels of competition. Large countries, organisations, and entities benefit
from this because they are already priced into an economy of scale. Smaller countries,
businesses, and entities must find ways to replace lost revenues, which is not always
possible.
3. It promotes urbanisation.
Two farms are present. One is a small family business, while the other is a factory farm.
The factory farm receives the same subsidies as the family farm, but because they
produce far more products, they receive far more government assistance. This enables
them to sell products at lower prices, which stores appreciate because it increases
sales. Eventually, the family farm will have to find its own niche in order to compete, or
the workers will have to look for work elsewhere. That is why free trade frequently
promotes urbanisation.

Reference
Q1. https://blog.ipleaders.in/natural-justice/#:~:text=Natural%20justice%20simply%20means
%20to,in%20taking%20the%20reasonable%20decision.
Q2 https://www.ftc.gov/advice-guidance/competition-guidance/guide-antitrust-laws/dealings-
competitors/price-fixing#:~:text=A%20naked%20agreement%20among%20competitors,of
%20any%20product%20or%20service.
Q3 https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm
Q4. https://vittana.org/12-pros-and-cons-of-free-trade