2. What is Cultural Economics ?
Cultural Economics regards culture as an economic activity and an
engine of economic development.
A branch of economics that studies the relation of culture to economic
outcomes.
Role of Culture in National Development
The central role of culture in the development process led many
countries to design and introduce “cultural policies "as action plans on
how culture should be managed and constructed for the benefit of
their citizens.
3. Objectives of Development
To increase the availability and widen the
distribution of basic necessities of life ( food, shelter
and security)
To raise levels of living standard associated with
cultural and humanistic (core) values; and
To raise the range of economic and social choice
available to individual(s) , to free them from
servitude and dependence
4. What is Political Integration?
It often means that prominent nations can influence
the politics within its economic community. A
country with a weak economy can be easily coerced
into passing mandates and laws that put already
stronger nations at and advantage , essentially making
the weaker nation subversive to the more powerful
one.
5. The process of Political Integration would often
result in country being a part of global
organizations that prioritize the well-being of all
its subjects on a larger scale.
Political Integration gives better chances of
receiving aid and support from partner nations and
organizations.
6. What is Global Trade?
It is the exchange of goods and services among
countries.
7. Pros and Cons of International Trade
•Spurs economic growth
•Facilitates competitive
advantage
•Provides domestic
companies experience in
foreign markets
•Leads to job
outsourcing and fewer
domestic roles
•Causes other countries
to lose agriculture base
•Undercuts the prices of
local farmers
