CITS COPA (AICET) cheat sheet

Absolute advantage: a country produces a good with less labour input per unit than its trading partner; specialisation raises total output even without comparative advantage.

Comparative advantage: specialise where opportunity cost is lowest. Opportunity cost of good X = units of good Y forgone per extra unit of X; the country with the smaller ratio exports X.

Terms of trade lie between the two domestic opportunity-cost ratios; the exact price depends on relative demand and bargaining.

Heckscher-Ohlin: a country exports the good intensive in its abundant factor and imports the good intensive in its scarce factor.

Tariff effects: consumer surplus falls, producer surplus rises, government gains revenue, and deadweight loss = production distortion + consumption distortion.

Laffer-type tariff revenue curve: revenue is zero at both a zero tariff and a prohibitive tariff, so maximum revenue occurs at an intermediate rate.

Balance of payments identity: current account + capital/financial account + official reserves change = 0 (with sign conventions).

Marshall-Lerner condition: a currency depreciation improves the trade balance only if |export demand elasticity| + |import demand elasticity| > 1.

WTO principles: most-favoured-nation (no discrimination among members), national treatment (imports treated like domestic goods), and tariff binding.

Incoterms 2020 sea/inland-water rules: FAS, FOB, CFR, CIF. Any-mode rules: EXW, FCA, CPT, CIP, DAP, DPU, DDP.

Risk transfer: FOB/CFR/CIF risk passes when goods are on board the vessel; FCA passes on delivery to the carrier; DAP/DPU/DDP pass at destination.

CIF: seller pays cost, insurance (minimum Institute Cargo Clauses C), and freight to named destination port; risk still passes at loading port.

Export documents set: commercial invoice, packing list, bill of lading, certificate of origin, insurance policy, and where required inspection certificate.

Bill of lading types: clean vs claused (dirty), on-board vs received-for-shipment, straight vs order vs bearer; a clean on-board B/L is required under a letter of credit.

Letter of credit: irrevocable, confirmed, at-sight vs usance; documents must comply strictly - banks deal in documents, not goods.

HS classification: six-digit international subheading; duty = assessable value × tariff rate; assessable value normally CIF for ad valorem duty.

Shipping container sizes: 20 ft (TEU, about 33 m³ capacity, payload roughly 28 t) and 40 ft (FEU, about 67 m³).

Export promotion in India: IEC (Importer-Exporter Code) from DGFT, RoDTEP/RoSTCL remission, EPCG and Advance Authorisation schemes.

Taper turning: taper ratio = (D − d) / L; half-angle tan α = (D − d) / (2L).

Cutting speed V = πDN/1000 (V in m/min, D in mm, N in rpm); feed and depth of cut determine material removal rate.

Turning time = L / (f × N), where L is job length plus approach in mm, f is feed in mm/rev, N in rpm.

Gear train: driver/driven ratio; for a simple train, speed ratio = product of driven teeth / product of driver teeth.

Screw thread: pitch = 1 / threads per inch; metric pitch in mm; lead = pitch × number of starts.

Stress σ = F/A; strain ε = ΔL/L; Young's modulus E = σ/ε; factor of safety = ultimate stress / working stress.

Ohm's law V = IR; power P = VI = I²R = V²/R; three-phase power P = √3 V_L I_L cos φ.

Area and volume: circle A = πr²; cylinder V = πr²h; cone V = (1/3)πr²h; sphere V = (4/3)πr³.

Unit conversions: 1 inch = 25.4 mm; 1 kgf = 9.81 N; 1 hp = 746 W; 1 bar = 100 kPa.

Communication process: sender → encoding → message → channel → decoding → receiver → feedback; noise can disrupt any stage.

Active listening components: attention, paraphrase, clarification, and appropriate non-verbal cues.

Resume sections: contact details, career objective, education, skills, experience/projects, and references - keep to one or two pages.

SMART goals: Specific, Measurable, Achievable, Relevant, Time-bound.

Team roles (Belbin): coordinator, shaper, plant, monitor-evaluator, implementer, teamworker, resource investigator, completer-finisher, specialist.

Workplace safety: follow PPE rules, report hazards, know emergency exits and first-aid points, and use the hierarchy of controls (eliminate > substitute > engineer > administrate > PPE).

Labour-law basics in India: minimum wages, working hours (typically 8 hours/day, 48 hours/week), and statutory deductions such as PF and ESI.

Entrepreneurship: a business plan covers market analysis, product/service, operations, marketing, finance, and risk.

Digital etiquette: professional email subject line, concise body, no all-caps, and verify attachments before sending.