ECON2213 international trade helps to boost the economic development of countries. International trade refers to the exchange of goods or services between two or more countries. This exchange involves two activities majorly, imports and exports. An import refers to the goods or services brought into the domestic country. Concurrently, exports refer to the goods or services sold to a foreign country. Therefore, international trade is a method of economic interaction between countries with an economic linkage. Economic development of countries contains the activities, programs, or policies that seek to improve the economic well-being of the nation thus improving the quality of life of its citizens.
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CHARACTERISTICS OF ECONOMIC DEVELOPMENT OF COUNTRIES
The economic development of countries has the following characteristics. First, it is a continuous process since it entails the implementation of long-term plans and programs for economic growth. It also improves the living standards of the people since there is an increase in purchasing power per capita. Therefore increased consumption of goods and services reflects better living standards. Also, it boosts national income since it encourages ECON2213 international trade. Moreover, it helps in the proper utilization of national resources thus ensuring that a country keeps up with the world economies. Lastly, it leads to social-economic equality interns of income, status, wealth, and living standards.
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THE BENEFITS OF ECON2213 INTERNATIONAL TRADE
ECON2213 international trade is beneficial since it provides a greater variety of goods available for consumption. This is because there is an inflow of different products from different destinations. It also allows for efficient allocation and better utilization of resources. This is because countries produce goods in which they have a competitive advantage thus reducing wastefulness. Moreover, it promotes efficiency in production since countries try to adopt better methods of production to keep costs down. This, therefore, helps in the economic development of countries. Moreover, it generates more employment due to the establishment of newer industries thus catering to the increased demand.
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