Economic Theories in Global Markets
This article talks about the case where China denies that it banned Japan from exporting importing rare earth. Notably, china has been reported as the major producer of rare earth where it produces about 90% of the global production. These minerals are used in the enhancement of batteries, computers, and weapon systems among other applications. In this case, Japan is the main importer of the Chinese rare in the whole world. The anticipated reason for the ban is because Japan has detained a Chinese fishing boat captain. The officials from China and Japan have been reported denying the ban. The purpose of this assignment is to describe the roles and forces of global markets in the market in relation to the rare earths in China. On this basis, this study will describe how the international market is impacted by different concepts of economics.