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ECS3702 ASSIGNMENT 2 SEM 1 2024
- Kurs
- Hochschule
ECS3702 ASSIGNMENT 2 SEM 1 2024
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ECS3702 A2 2024 0612621185/0717513144DISCLAIMER: THIS IS NOT AN OFFICIAL GUIDE FROM UNISA. THE
FRAMEWORK IS NOT PREPARED NOR APPROVED BY UNISA, RATHER
REPRESENTS A POSSIBLE SOLUTION TO THE TASK CONSISTENT WITH
THEORY OF ECS3702. THIS FRAMEWORK IS ONLY INTENDED TO ASSIST
STUDENTS IN GETTING STARTED WITH THEIR ASSIGNMENT, AND IN NO CASE
THIS DOCUMENT SHOULD BE USED FOR CHEATING, THUS NO STUDENT IS
ENCOURAGED TO COPY THIS DOCUMENT, NOR ITS SECTIONS FOR
SUBMISSION. WE BELIEVE THE FRAMEWORK WILL BE A GOOD STARTING
POINT AS IT WAS PREPARED BY OUR TEAM OF PROFESSIONAL PRIVATE
TUTORS WHO ARE EXPERTS IN THE FIELD, AND IT WAS PREPARED USING
VARIOUS SOURCES. ANY SIMILARITY WITH ANY EXISTING THEORY OR
DISCUSION BY OTHER AUTHORS IS EXCUSED. THE AUTHORS HOWEVER DO
NOT CLAIM MONOPOLY TO KNOWLEDGE HENCE MODIFICATION OF THE
ANSWERS CONTAINED IN THIS FRAMEWORK MAY NOT BE PROHIBITED AS IT
CONTRIBUTES TO EXPANSION OF KNOWEDGE. FOR ANY FURTHER
GUIDELINE ABOUT THE INFORMATION CONTAINED HERE AND THE MODULE
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, ECS3702 A2 2024 0612621185/0717513144
Contents
QUESTION 1 [10 marks] ............................................................................................ 3
QUESTION 2 [15 marks] ............................................................................................ 4
QUESTION 3 [7 marks] .............................................................................................. 6
QUESTION 4 [10 marks] ............................................................................................ 8
QUESTION 5 [20 marks] ............................................................................................ 9
QUESTION 6 [13 marks] .......................................................................................... 13
QUESTION 7 [10 marks] .......................................................................................... 14
QUESTION 8 [15 marks] .......................................................................................... 16
Bibliography ............................................................................................................. 20
, ECS3702 A2 2024 0612621185/0717513144
QUESTION 1 [10 marks]
In your own words, briefly explain the importance of international trade. [10
marks]. NB: You must provide a well thought out response. You are not allowed
to use any external sources.
International trade is essential for developing countries because it provides them with
access to new markets, technology, and resources that are not readily available within
their own borders. Trade can promote economic growth and development by allowing
developing countries to specialize in producing goods and services that they have a
comparative advantage in, and to sell these products to other countries that need
them. This leads to increased exports, job creation, and higher income levels for the
people of the developing country.
Trade also exposes developing countries to new ideas and innovation, which can help
them improve their production processes, adopt new technologies, and increase their
competitiveness in the global market. Furthermore, trade can lead to increased foreign
investment, which can provide developing countries with the capital they need to invest
in infrastructure, education, and other areas that are essential for economic
development.
Here are some key points to explain why international trade is important for a
developing country:
Access to new markets: Developing countries can sell their goods and services to
new customers around the world, which can increase their revenue and help them
diversify their economy.
Specialization: Developing countries can focus on producing the goods and services
they are most efficient at, which can increase productivity and reduce costs. This can
help them compete with other countries in the global market.
Improved technology: Through international trade, developing countries can access
new technologies and production processes that they may not have been exposed to
otherwise. This can help them increase their efficiency, productivity, and
competitiveness.
Job creation: Increased trade can lead to job creation in developing countries, as
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