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International Economic Summit

Volunteers... Welcome to the Summit!

Thank you for taking the time out of your busy schedule to help students learn the importance of preparing for the world in which we live and work. As a volunteer you may be asked to serve as either a Summit Scorekeeper or a Summit Banker. You may also be called on to judge costumes and table displays.

Brief Overview of the Summit Program
The following is a brief overview of the Summit program. For detailed Summit rules, schedules and procedures see:

Prior to the Summit Event
Prior to the Summit event, students are divided into teams of five or six students each. Each student team takes on the role of Economic Advisors to their assigned country. Student teams do research on their countries and develop the following kinds of information:

  • An Economic Proposal
  • A Country Fact Sheet
  • A Country Strategic Plan

Country Research
Students must become acquainted with the challenges that their country faces. Areas of research include:

  • Country Classification
  • Exports and Imports
  • Currency
  • Foreign Aid

Country Classification
Each country at the Summit is classified into one of three categories: 1st World, 2nd World, and 3rd World countries. The criteria for this classification system are based on export totals and gross domestic product (GDP) per capita.

  • 1st World Countries
    1st World Countries are those that have the highest standard of living. They have the largest number of export coupons, cash endowments, and foreign aid obligations.

  • 2nd World Countries
    2nd World Countries have fewer exports, less cash and a lower GDP than 1st World Countries. They may be described as having “developing” or “emerging markets”.

  • 3rd World Countries
    3rd World Countries are those with few resource endowments and exports. They have the lowest standard of living out of the three country classifications.

Exports and Imports
In the Summit program there are 13 categories of exports and imports. At the Summit event, the demand for imports will be greater than the supply of exports. The export categories are:

  • Unprocessed Food
  • Processed Food
  • Raw Materials
  • Energy
  • Consumer Goods
  • Capital Goods
  • Electronics
  • Media
  • Tourism
  • Offensive Military
  • Defensive Military
  • Banking
  • Science/Technology

Summit Currency
Each country is endowed with one of three currencies: WELCOs, DEVCOs or NEEDCOs depending on whether they are a 1st, 2nd or 3rd World country.

  • 1 WELCO = 2 DEVCOs
  • 1 DEVCO = 2 NEEDCOs
  • 1 WELCO = 4 NEEDCOs

Foreign Aid
Foreign aid is a means for more developed countries to offer monetary assistance to less developed countries.

Country Fact Sheet
During the semester each student team will complete a Country Fact Sheet. This Fact Sheet asks for the country's statistics that reveal information about that country's standard of living.

Strategic Plan
Each team will create a strategic plan for their country. This includes a specific set of goals to address your country’s need for imports and internal improvements.

Internal Improvements
Students may purchase Internal Improvement coupons in education, health care and infrastructure. One unit of internal improvement costs 5 WELCOs and is purchased from the Summit Bank.

Economic Proposal
Each team of economic advisors will propose an economic solution to some regional or world problem.

The Summit Event
At the end of the semester, the student teams of economic advisors meet for a one day Summit Event. This event is typically held at a university but can also take place at a high school or even within the classroom. Student teams compete to earn points for their countries. The primary activities of the Summit event include:

  • Geography Quiz
  • Country Alliance Negotiations
  • Economic Proposal Campaign
  • Economic Proposal Debate and Voting
  • Economics Test
  • International Trade Session
  • Global Banking Session
  • Costume and Table Display Judging
  • Team Scoring
  • Awards Ceremony

Geography Quiz
Team members work together to identify several countries. They are shown the country location on a world map, the country’s flag, the country GDP and a major export.

Country Alliance Negotiations
During this session, countries form alliances with other countries. These alliances become strategically important during the export/import trading session later in the day. Countries that trade outside their alliance pay tariffs on their imported goods. Countries may also enter into bi-lateral contracts with each other. If one country fails to comply with their contract obligations, other countries may seek penalties for that country.

Economic Proposal Campaign
Each country receives a packet containing 5 Signature Cards at the beginning of the Summit. These cards are exchanged for a commitment to vote for that country’s Economic Proposal. Countries that gain the most Signature Cards receive the opportunity to present their proposal in the upcoming debate.

Economic Proposal Debate and Voting
Ten countries are allowed to present their proposals to the general assembly. Members of the audience are allowed to ask questions of the presenting countries. At the end of the debate, all countries vote for their choice of the top 3 proposals.

Costume and Table Display Judging
Teams win points for their costumes and table displays. The Summit also recognizes the overall costume and table display winners.

Economics Test
Team members work together on the Economics Test. Points are awarded for the number of correct answers a team achieves.

International Trade and Banking Session
During this exciting session, countries sell or trade their export coupons to obtain imports or cash that will help them reach the goals of their strategic plans. They also borrow money and purchase Internal Improvements from the Summit Bank and they either award or receive Foreign Aid.

Team Scoring
During the Summit event, official scorekeepers keep track of points awarded to each country for the various activities of the day. At the end of the Summit the points are tallied and winners determined.

Awards Ceremony
The day closes with the Awards Ceremony. Awards are given in several categories including:

  • Summit Grand Champion
  • Top 1st World Country
  • Top 2nd World Country
  • Top 3rd World Country
  • Winning Costume
  • Winning Table Display
  • 100% Geography Test
  • 100% Economics Test
 
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