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ECS3702 ASSIGNMENT 3 SEMESTER 2 2023 (DETAILED SOLUTIONS)
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ECS3702 ASSIGNMENT 3 2023Due Date: 7 September 2023
QUESTION 1
Explain briefly In your own words why international trade is important for a developing
country. [10 marks]
NB: You must provide a well thought out response. You are not allowed to use any
sources.
International trade is crucial for developing countries for several reasons.
First and foremost, it allows these nations to access a broader market for their goods and
services. By exporting their products to other countries, they can generate revenue and
economic growth, which can be reinvested to improve infrastructure, education, and
healthcare.
Additionally, international trade promotes specialization. Developing countries can focus on
producing goods and services in which they have a comparative advantage, meaning they
can produce these items more efficiently and at lower costs than other nations. This
specialization leads to increased productivity and competitiveness in the global market.
Furthermore, international trade encourages innovation and technology transfer. When
developing countries engage in trade with more advanced economies, they often adopt new
technologies and practices, which can boost their own economic development.
Lastly, international trade can help reduce poverty by creating job opportunities and raising
incomes for people in developing nations. This, in turn, can lead to improved living standards
and a better quality of life for the population.
In summary, international trade is vital for developing countries as it fosters economic growth,
specialization, innovation, and poverty reduction, ultimately contributing to their overall
development and prosperity.
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