100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
ECS3702 ASSIGNMENT 2 SEMESTER 1 2024 (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.)R80,00
ECS3702 ASSIGNMENT 2 SEMESTER 1 2024 (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.)
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.
muzavazi47@gmail.com ECS3702 ASS 2 2024 0717513144
DISCLAIMER
The ECS3702 2024 SEMESTER 1 ASSIGNMENT 2 GUIDE IS A PRODUCT OF
INTERNAL AND EXTERNAL RESEARCH THAT INCLUDES THE STUDY GUIDE,
PRESCRIBED TEXTBOOK, AND OTHER AUTHENTIC SOURCES.
NB: Students must not copy and paste. For clarity, students are free to call on
the provided number and/ email.
,muzavazi47@gmail.com ECS3702 ASS 2 2024 0717513144
, muzavazi47@gmail.com ECS3702 ASS 2 2024 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tatendamuzavazi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R80,00. You're not tied to anything after your purchase.
