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ECS3702 Assignment 02 detailed Written answers, Semester 1, 2024
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ECS3702 Assignment 02 detailed Written answers, Semester 1, 2024
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ECS3702 Assignment 02, Semester 1, 2024Assignment is available from: Thursday, 11 April 2024, 08:00 AM
Assignment closes on: Thursday, 18 April 2024, 11:00 PM
Instructions:
All 8 questions are compulsory.
The assignment is 100 marks.
There are 14 pages in this assignment [including this cover page].
Download the paper, save it as a word document on your desktop.
You can type in your answers in the space provided. You can also
handwrite your answers in the spaces provided or on other paper.
He use of material other than the prescribed textbook and study
guide is NOT allowed.
The assignment is individual and not group work.
Cheating and or coping is NOT allowed.
Any form of cheating or plagiarism will earn a zero mark and these
cases will be referred for disciplinary.
You are allowed to answer the questions on your own paper.
There will be NO extension of the due date.
, QUESTION 01
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 fundamentally important for several reasons. Firstly, it promotes
economic growth and development by allowing countries to specialize in producing goods
and services where they have a comparative advantage, thereby increasing efficiency and
productivity. This specialization leads to higher quality goods at lower costs, benefiting both
producers and consumers.
International trade fosters competition and innovation. When countries engage in trade, they
are exposed to different technologies, processes, and ideas from around the world. This
exposure stimulates innovation as firms strive to improve their products and processes to
remain competitive in the global market.
International trade helps to diversify sources of goods and services. Countries can access
resources and products that they may not have domestically, reducing dependency on limited
local resources and enhancing overall supply chain resilience.
Another crucial aspect is the exchange of knowledge and culture that comes with
international trade. Countries trade not only goods and services but also ideas, technologies,
and practices. This cultural exchange enriches societies and promotes understanding and
cooperation among nations.
International trade can contribute to poverty reduction and increased employment
opportunities. By engaging in trade, countries can create jobs in export-oriented industries
and generate income that can be used to invest in education, healthcare, and infrastructure.
International trade can promote peace and stability. Interconnected economies often have
mutual interests in maintaining peaceful relationships, as disruptions can have negative
economic consequences for all parties involved. Trade relationships can foster diplomatic ties
and provide incentives for countries to resolve conflicts peacefully.
International trade is vital for economic prosperity, innovation, cultural exchange, and global
cooperation. It enables countries to capitalize on their strengths, improve standards of living,
and contribute to a more interconnected and prosperous world.
QUESTION 02
Scenario: Production of Cars and Computers
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