{"id":3764,"date":"2023-10-05T18:47:21","date_gmt":"2023-10-05T18:47:21","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3764"},"modified":"2023-10-05T18:48:41","modified_gmt":"2023-10-05T18:48:41","slug":"week-8-ss3-first-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-8-ss3-first-term-economics-notes\/","title":{"rendered":"Week 8 – SS3 First Term Economics Notes"},"content":{"rendered":"

\u00a0WEEK EIGHT
\n<\/strong>INTERNATIONAL TRADE I
\n<\/strong>
\n\u00a0CONTENT
\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Definition and Types (Bilateral and Multilateral)
\n2.\u00a0\u00a0\u00a0\u00a0Reasons for International Trade
\n3.\u00a0\u00a0\u00a0\u00a0Barriers of International Trade
\n4.\u00a0\u00a0\u00a0\u00a0Difference between Domestic and International trade.
\nOne way by which we live better on earth today is because international trade permits national, regional or territorial division of labour to be practiced. International trade also known as foreign trade or external trade involves the exchange of goods and services between two or more countries.<\/p>\n

\u00a0TYPES OF INTERNATIONAL TRADE
\nThere are two major types of international trade. These are:<\/p>\n

    \n
  1. Bilateral International Trade \u2013 Bilateral international trade is a trade agreement in which two countries exchange goods and services.\n<\/li>\n
  2. Multilateral International Trade \u2013 Multilateral international trade is a type of trade in which a country trades with many other countries. E.g. Nigeria trades with the USA, Britain and Japan.\n<\/li>\n<\/ol>\n

    \u00a0REASONS FOR INTERNATIONAL TRADE
    \n1.\u00a0\u00a0\u00a0\u00a0Uneven distribution of natural resources. While some countries are naturally blessed, others have little or no natural resources.
    \n2.\u00a0\u00a0\u00a0\u00a0Differences in Climatic Condition \u2013 This variation gives rise to growth of different crops, hence the need for exchange.
    \n3.\u00a0\u00a0\u00a0\u00a0Differences in Technology \u2013 Some countries with advanced technology can produce some industrial product at reduced cost and sell to the less developed countries.
    \n4.\u00a0\u00a0\u00a0\u00a0Expansion of market for product.
    \n5.\u00a0\u00a0\u00a0\u00a0Desire to improve the standard of living<\/p>\n

    \u00a0EVALUATION
    \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is Foreign Trade?
    \n2.\u00a0\u00a0\u00a0\u00a0Give five reasons for international trade.<\/p>\n

    \u00a0BARRIERS OR PROBLEMS OF INTERNATION TRADE
    \n1.\u00a0\u00a0\u00a0\u00a0Language problem
    \n2.\u00a0\u00a0\u00a0\u00a0Problem of distance
    \n3.\u00a0\u00a0\u00a0\u00a0Numerous documents
    \n4.\u00a0\u00a0\u00a0\u00a0Differences or fluctuation in currency
    \n5.\u00a0\u00a0\u00a0\u00a0Tariff \u2013 This makes imported goods more expensive.
    \n6.\u00a0\u00a0\u00a0\u00a0Religion and cultural differences.
    \n7.\u00a0\u00a0\u00a0\u00a0Artificial barriers e.g. ban, quota, or the use of license
    \n8.\u00a0\u00a0\u00a0\u00a0Transport and Communication problem.
    \n9.\u00a0\u00a0\u00a0\u00a0Government policy.<\/p>\n

    \u00a0DIFFERENCE BETWEEN DOMESTIC AND FOREIGN TRADE
    \nA.\u00a0\u00a0\u00a0\u00a0Common language is spoken in Domestic trade while in Foreign trade requires knowledge of new language.
    \nB.\u00a0\u00a0\u00a0\u00a0There are differences in system of weighing and measuring in one country vis-\u00e0-vis another. A country has only one system of such weigh and measuring.
    \nC.\u00a0\u00a0\u00a0\u00a0Differences in transport cost due to distance between buyers and sellers, documentation requirement, need for insurance in respect of foreign trade distinguish foreign trade from home trade.
    \nD.\u00a0\u00a0\u00a0\u00a0There are also differences in legal systems and culture under international trade but the legal system are the same in domestic trade.
    \nE.\u00a0\u00a0\u00a0\u00a0In foreign trade, buyers and sellers use different currencies whereas buyers and sellers in home trade use the same type of currency.
    \nF.\u00a0\u00a0\u00a0\u00a0There is possibility of restriction \u2013 tarrifs, import duties, export duties quota embargoes \u2013 when goods are exchange across national boundaries while this does not occur in home trade.<\/p>\n

    \u00a0EVALUATION
    \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0In what ways is foreign trade different from domestic trade (WASSCE) June 2003.
    \n2.\u00a0\u00a0\u00a0\u00a0Explain five ways Nigeria will benefit from trading with Britain.<\/p>\n

    \u00a0READING ASSIGNMENT
    \n<\/strong><\/p>\n

      \n
    1. Amplified and simplified Economics for SSS by Femi Alonge chapter 30 page 397-400.\n<\/li>\n
    2. Essential Economics for SSS by C E Ande page 374-377.\n<\/li>\n<\/ol>\n

      \u00a0GENERAL EVALUATION
      \n<\/strong><\/p>\n

        \n
      1. Describe four problems of barter system.\n<\/li>\n
      2. What is perfect competition?\n<\/li>\n
      3. Differentiate between creeping inflation and hyperinflation.\n<\/li>\n
      4. What is competitive supply?\n<\/li>\n
      5. \n
        Differentiate between direct tax and indirect tax.\n<\/div>\n

        \u00a0WEEKEND ASSIGNMENT
        \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0International trade and domestic trade are similar in all aspect except that\u2026\u2026\u2026\u2026.
        \n\u00a0\u00a0\u00a0\u00a0A. Transportation by land, water and air is involved \u00a0\u00a0\u00a0\u00a0B. Goods are exchanged\u00a0\u00a0\u00a0\u00a0
        \nC. Services are exchanged\u00a0\u00a0\u00a0\u00a0D. The same currency is used as medium of exchange
        \nE. Specialization and increased consumption is encouraged.
        \n2.\u00a0\u00a0\u00a0\u00a0International trade is necessary mainly because\u2026\u2026\u2026\u2026\u2026\u2026
        \nA. no country can live in economic isolation\u00a0\u00a0\u00a0\u00a0B. different countries are endowed with the same natural and man-made resources C. some countries have comparative cost advantage in the production of certain commodities D. the world demand for and supply of various categories of commodities is expanding very fast. E. Countries want to build up their foreign exchange reserves.
        \n3.\u00a0\u00a0\u00a0\u00a0International trade takes place because of differences in \u2026\u2026 A. production cost \u00a0\u00a0\u00a0\u00a0B. language\u00a0\u00a0\u00a0\u00a0C. currency\u00a0\u00a0\u00a0\u00a0D. government policy\u00a0\u00a0\u00a0\u00a0D. international boundary
        \n4.\u00a0\u00a0\u00a0\u00a0The instrument used in many countries to restrict imports include: A. high tariff\u00a0\u00a0\u00a0\u00a0
        \nB. price index\u00a0\u00a0\u00a0\u00a0C. exercise duties D.bank rates E. subsidies
        \n5.\u00a0\u00a0\u00a0\u00a0The exchange of goods and services across different countries can be described as \u2026\u2026\u2026\u2026 A. Bi-lateral trade\u00a0\u00a0\u00a0\u00a0B. multilateral trade\u00a0\u00a0\u00a0\u00a0C. national trade\u00a0\u00a0\u00a0\u00a0D. home trade\n<\/li>\n<\/ol>\n

        \u00a0THEORY
        \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0State five benefits of international trade.
        \n2.\u00a0\u00a0\u00a0\u00a0Outline five obstacles to effective trade among countries in the world.
        \n
        \n\t\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

        \u00a0WEEK EIGHT INTERNATIONAL TRADE I \u00a0CONTENT 1.\u00a0\u00a0\u00a0\u00a0Definition and Types (Bilateral and Multilateral) 2.\u00a0\u00a0\u00a0\u00a0Reasons for International…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,292],"tags":[],"class_list":["post-3764","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss3-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=3764"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3764\/revisions"}],"predecessor-version":[{"id":3765,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3764\/revisions\/3765"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}