Cover page
Table of Contents
Cover page ............................................................................................................................................. 1
Research Objective and Method ............................................................................................................ 2
Terms and definitions used in the questions .......................................................................................... 3
Questionnaire – Pre and Post ................................................................................................................. 3
Interviewees Profile Summary ................................................................................................................ 4
Analysis and interpretation..................................................................................................................... 5
Analysis of each participant: ............................................................................................................... 6
Participant 1 .................................................................................................................................... 6
Participant 2 .................................................................................................................................... 6
Participant 3 .................................................................................................................................... 6
Participant 4 .................................................................................................................................... 7
Participant 5 .................................................................................................................................... 7
Participant 6 .................................................................................................................................... 7
Participant 7 .................................................................................................................................... 8
Participant 8 .................................................................................................................................... 8
Participant 9 .................................................................................................................................... 9
Participant 10 .................................................................................................................................. 9
References .............................................................................................................................................. 9
Appendix: .............................................................................................................................................. 10
Research Objective and Method
Objective:
The purpose of this project is to conduct interviews with members of the community of
Bloemfontein of different age groups to evaluate how knowledgeable they are about international
economics. We split our participants between two age groups – above and below 50 years of age.
We conducted the interviews to gage if age has an impact on knowledge about international
economics.
Method:
We chose to conduct the interviews via telephone call and online questionnaire to have as little
physical contact with the participants to minimise the possible spread of Covid-19. We first
contacted them to ask them if we could ask them questions and use their data for this project and
explained what the project was for. After they agreed to participate, we sent them a Google Form
with 10 questions about International Economics. They were then contacted again to provide them
with information about the questions they got incorrect, and we answered any questions they might
have had about the terms and phrases included in the questions.
Finally, we gave them the questionnaire with the same ten questions, a question for a summary of
what they learned, and a question about their opinion of the interview.
The benchmark for determining if a participant is knowledgeable about international economics is
getting 50% of the answers correct in the first round of testing. This benchmark was decided on the
basis that 50% is commonly used as a pass or fail benchmark for university and school tests.
Terms and definitions used in the questions
1. Global Village – the world being connected through technology that allows global
communication.
2. WTO – World Trade Organisation
3. Closed economy – an economy with no exports or imports
4. Open economy – an economy with exports and/or imports.
5. Export Subsidies – “subsidies given to traders to cover the difference between internal
market prices and world market prices.” (OECD, 2003)
6. Developing country – A country with high relative economic growth
7. Exchange rates – the rate at which a currency is exchanged for another
8. Globalisation – the integration, interdependency and interaction of governments,
companies, and people on a global scale. (Peterson institute for international economics,
2021)
9. FDI – Foreign Direct Investment
10. Opportunity Cost – “the loss of other alternatives when one alternative is chosen.”
(Investopedia, 2021)
11. Economic Union – “economic union is an agreement between two or more nations to allow
goods, services, money and workers to move over borders freely”. (BDC, n.d.)
Questionnaire – Pre and Post
Pre-Questions:
1.
What is meant by the term Global Village?
2.
What does WTO stand for?
3.
Is South Africa an open or closed economy?
4.
What is the purpose of export subsidies?
5.
Mention one key difference between developing and developed countries.
6.
Why are exchange rates important for international trade?
7.
Mention a benefit of globalisation.
8.
Why is foreign direct investment important for the South African economy?
9.
Explain opportunity cost.
10.
Give an example of an economic union?
Post Questions: (includes summary and opinion questions)
1.
What is meant by the term Global Village?
2.
What does WTO stand for?
3.
Is South Africa an open or closed economy?
4.
What is the purpose of export subsidies?
5.
Mention one key difference between developing and developed countries.
6.
Why are exchange rates important for international trade?
7.
Mention a benefit of globalisation.
8.
Why is foreign direct investment important for the South African economy?
9.
Explain opportunity cost.
10.
Give an example of an economic union?
11.
Please write a summary of what you have learned through this interview/ questionnaire.
12.
Please share your opinion on how this interview/questionnaire was conducted and
formatted.
Interviewees Profile Summary
Participant
Number
Name and
Surname
Occupation
Mobile Number
Level of
Education
Age
(Years)
1
John Tarr
Business
owner
0734663875
High School
58
2
Chris Roux
Financial
advisor
0834527278
Tertiary
51
3
Anonymous 1
Unemployed
0725103525
High School
53
4
Anonymous 2
Student
0611685782
Tertiary
22
5
Martin
Oosthuysen
Farmer
0824442989
Tertiary
54
6
Sarah
Musgrave
Academic
0726414214
Tertiary
50
7
Riane Victor
Student
0714809406
Tertiary
19
8
Odwa Mkefa
Student
0710215338
High School
20
9
Anonymous 3
Student
0795290327
High School
17
10
Ches De Abreu
Unemployed
0716050988
Tertiary
21
Table 1 -Summary of Profiles of 10 interviewees
Analysis and interpretation
Age Group
Question
Below
50
Above
50
Score out of 5
Q1
Q2
Q3
Q4
Q5
Q6
Q7
Q8
Q9
Q10
2
4
4
3
3
1
4
3
2
2
2
5
4
3
4
2
5
2
3
5
Knowledgeable
Total
Out of
10
4
9
8
6
7
3
9
5
5
7
Scored more and equal to
5/10
Below 50
40%
80%
80%
60%
60%
20%
80%
60%
40%
40%
Above 50
40%
100%
80%
60%
80%
40%
100%
40%
60%
100%
Not Knowledgeable
Total
Out of 100%
40%
90%
80%
60%
70%
30%
90%
50%
50%
70%
Scored less than 5/10
Below 50
Above 50
60%
20%
20%
40%
40%
80%
20%
40%
60%
60%
60%
0%
20%
40%
20%
60%
0%
60%
40%
0%
Total
Total
Knowledgeable
Know
Do not know
Out of 100%
60%
10%
20%
40%
30%
70%
10%
50%
50%
30%
40%
90%
80%
60%
70%
30%
90%
50%
50%
70%
Table 2 - Analysis of scores of age groups
From the table above, we were able to determine that the age groups Above 50 and Below 50 were able to answer and average of 6.3 out of the 10
questions. That indicates that, by the benchmark we set of 5/10, overall the people we interviewed were relatively knowledgeable about International
Economics. Furthermore, when we look at the average for each age group, we can determine that Below 50 were able to answer 56% of the questions,
and Above 50 were able to answer 70% of the questions. This indicates a 14% gap between the knowledge of the older age group and the younger age
group, with the younger age group scoring lower. From this, we can infer that age can influence the knowledge of international economics.
Any policy that aims to address the knowledge gap between younger and older age groups will have to be focused on improving the exposure of and
education around international economics for the younger group. A course at schools or in university that aims to give all students and young people more
knowledge about international economics and their role in it could make a possible improvement.
60%
10%
20%
40%
30%
70%
10%
50%
50%
30%
Analysis of each participant:
Participant 1
Name: John Tarr
Age 58
Knowledgeable:
This participant received a total of 7/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
At the beginning of this assessment I felt as if I had a fairly broad understanding of what
international economics was all about, the 10 questions that I got asked i could answer about 7/8
fairly easily, there were 2 questions that got the better of me in the form of "what is a global village"
which turns out it basically refers to the entire world being connected under one "umbrella" through
technology, this I put down to simply being out of touch with technology due to my age but I was
well educated on just how advanced things are now in the world, a second issue was to name a key
difference between developed and developing country which I was told about how it can come
down to infrastructure/economy/health care etc.
Opinion:
The interview was well conducted, and the group was very helpful in assisting me where I struggled.
Participant 2
Name: Chris Roux
Age: 51
Knowledgeable:
This participant received a total of 9/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
It’s tested my knowledge of international economics. I just struggled to name an Economic union,
the rest of the questions were less challenging.
Opinion:
I think it was done well. The questions were straight forward and not many.
Participant 3
Name: Anonymous 1
Age: 53
Knowledgeable:
This participant received a total of 5/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
I learnt a lot about international economics, especially after guessing most of the answers in the first
questions. I guessed what an economic union was and got it right, but I now know it is an official
economic partnership.
Opinion:
I appreciated the interviews simplicity and the welcoming atmosphere they created when I was
unsure and didn’t know things.
Participant 4
Name: Anonymous 2
Age: 22
Knowledgeable:
This participant received a total of 5/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
I learnt about what foreign direct investment is and how it is helpful for the growth and
development of a country and its economy, what the world trade organisation is and how it runs,
also that developed and developing country classification is the same as 1st and 3rd world country
type of classification.
Opinion:
Overall professional, the explained well what it was about and for and what I needed to do. Thankful
that they respected my request for privacy and were friendly about it.
Participant 5
Name: Martin Oosthuysen
Age: 54
Knowledgeable:
This participant received a total of 6/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
The importance of international trading to stimulate the economy and it is vital to stimulate and
control your imports and exports as this has a big role in the market price of goods.
Opinion:
Enjoyed the format and was professional and easy.
Participant 6
Name: Sarah Musgrave
Age: 50
Knowledgeable:
This participant received a total of 8/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
I learnt about FDI, as well as export subsidies. The terms used were not completely new to me, but I
learnt more about what opportunity cost means in an economic sense after the group explained it to
me. Overall, I think it was a valuable learning experience.
Opinion:
The questionnaire was professional and well-constructed, and the questions were difficult and
challenging but do-able. The members were respectful when I asked questions and wanted to know
more, and they were willing to answer any questions I had for them.
Participant 7
Name: Riane Victor
Age: 19
Knowledgeable:
This participant received a total of 4/10 questions correct, and therefore is classed as not being
knowledgeable.
Summary:
Learnt about opportunity cost, what a global village is and the benefits of globalisation as well as the
importance of imports and exports.
Opinion:
Great.
Participant 8
Name: Odwa Mkefa
Age: 20
Knowledgeable:
This participant received a total of 7/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
I have learned what opportunity costs are, what foreign direct investment does for our country and
a bit more about economic unions. I also learned the difference between a closed and open
economy is.
Opinion:
I think it’s conducted well because it’s not time consuming. Also because I was able to grow my
understanding of general economics terms that we often hear about.
Participant 9
Name: Anonymous 3
Age: 17
Knowledgeable:
This participant received a total of 6/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
I didn’t know a lot about export subsidies before, but now I know how they impact trade and goods
and the overall economy. I think I knew a lot before, but now I know 2 or 3 more words that I never
knew before.
Opinion:
This was interesting and had good information for me to know. I struggled to understand the
questions here and there, but I think they helped me know what I was not getting.
Participant 10
Name: Ches De Abreu
Age: 21
Knowledgeable:
This participant received a total of 6/10 questions correct, and therefore is classed as
knowledgeable.
Summary:
Before this assessment I would say my knowledge on international economics would be very basic, a
lot of the questions I found to have a slight understanding of the terms but through the assessment I
received help and they educated me on the things I was unsure of such as just how important
exchange rates are, especially on larger scales then a slight increase or decrease in the exchange rate
could cost countries/companies millions, other terms such as the WTO and many other economic
unions where taught to me as I only knew of, that being the EU as well as the UN.
Opinion:
The interview was great in terms of how casually it was conducted as well as the fact that I felt there
was no judgment for not knowing some of the questions, instead they educated me on it and gave
me a lot of clarity.
References
BDC, n.d. Economic Union. [Online]
Available at: https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-businessguides/glossary/economicunion#:~:text=An%20economic%20union%20is%20an,example%20of%20an%20economic%20union.
[Accessed 2022].
Investopedia, 2021. Opportunity Cost. [Online]
Available at: https://www.investopedia.com/terms/o/opportunitycost.asp
OECD, 2003. Glossary of Statistical Terms. [Online]
Available at: https://stats.oecd.org/glossary/detail.asp?ID=915
[Accessed 2022].
Peterson institute for international economics, 2021. What is Globalisation? [Online]
Available at: https://www.piie.com/microsites/globalization/what-is-globalization
[Accessed 2022].
Appendix:
Pre-Test and Post- test answers of all 10 participants: (All spelling and grammar has been left
unchanged and is in the original way the participants answered the questions on the form.)
Pre questions
John Tarr
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
unable to answer
world trade organisation
open economy
to help attract our products for international trade
unable to answer
allows for easy and fair trade between countries
allows us to trade in more markets and not just locally
helps grow the economy
unable to answer
European union
Chris Roux
1. ommunity in which distance and isolation have been dramatically reduced by electronic
media - as per google
2. World Trade Organization
3. Open economy - trading with the rest of the world
4. Export subsidy is a government policy to encourage export of goods and discourage sale of
goods on the domestic market through direct payments, low-cost loans, tax relief for
exporters, or government-financed international advertising - according to google
5. The main difference between developed developing and underdeveloped countries is their
economic status and quality of life. Developed countries have a high quality of life,
developed economy, and technological infrastructure. Meanwhile, developing countries
have a less developed economy and a comparatively lower quality of life. Underdeveloped
countries, on the other hand, have the lowest indicators of socioeconomic development and
the lowest quality of life.
6. Whether determined by exogenous shocks or by policy, the relative valuations of currencies
and their volatility often have important repercussions on international trade, the balance of
payments and overall economic performance.
7. Access to New Cultures. The Spread of Technology and Innovation. Lower Costs for Products.
Higher Standards of Living Across the Globe. Access to New Markets. Access to New Talent.
International Recruiting. Managing Employee Immigration
8. Foreign direct investment (FDI) is critical to stimulate economic growth and financial
sustainability. In particular, for emerging economies, foreign investment inflows are vital for
transferring money and expertise from multinationals to local enterprises.
9. Opportunity cost refers to what you have to give up to buy what you want in terms of other
goods or services.
10. European Union (EU)
Martin Oosthuysen
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Does not know the answer
World Trade Organisation
Open Economy
Establishing a competitive economy.
Efficiency amongst the populations.
Determine the market price of products.
Easier trading.
To stabilise the Rand and boost the economy.
Does not know the answer.
European Union
Riane Victor
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Village all over the world.
World Trade Organisation.
Open.
To get More money from exports.
Stronger economies in a developed country.
To make a profit on trade.
Could not answer.
To strengthen our economy.
Could not answer.
European Union.
Odwa Mfeka
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
The world as a unit
world trading organisation
open
to help with foreign exchange and price differences
Developing country still establishing its economy to the wider population and technology
In order to get the per capita rates in line
Can work and apply anything anywhere in the world as it is the same
For a growing economy it is good to invest in established economies
Loss of other alternatives when one opportunity is chosen
European union
Ches De Abreu
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
linking the world through technology
world " " union
open
to promote trade
economic stability
unable to answer
easy to trade amongst various countries
it boosts the economy
its to sacrifice one thing in order to achieve another
United Nations
Sarah Musgrave
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Despite your immediate residential area, you are part of a global community
World Trade Organisation
Open
To export goods is expensive. Subsides make it possible to export
Developed countries spent more money on infrastructure health and education
Higher-valued currency makes a country's imports less expensive, like the US Dollar vs SA
Rand
It is easier to travel
We need foreign investment to help our local economy
What I am willing to sacrifice to buy o e product like an expensive car over other goods I
could buy for the same amount
EU
Anonymous 1
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Global village is when countries are all connected to each other with trade and connections
World trade organisation
Closed
Dont know
Developing have less money that developed
Dont know
Can import goods from other countries
Dont know
Cost of taking chances
EU
Anonymous 2
1.
2.
3.
4.
5.
6.
People connected globally, through technology. World Trade Orfanisation.
Open
To support international trade.
"Developed countries have established and thriving economies.
Developing countries rely on debt."
It indicates the fluctuatuons in different currencies which will determine the worth of your
trade agreements.
7. Greater access to foreign goods.
8. It builds relationships and injects money into our economy.
9. No idea what that is.
10. BRICS
Anonymous 2
1. I don’t know. I’m guessing from the term that it is related to international markets and
trading.
2. World Trade Organisation
3. Open
4. Encourages farmers to export their best produce
5. Third and first world. Developed countries have an Advanced economy structure
6. It is a way to value the money against each of the countries’ economies
7. Encourages international trade of goods. Promotes franchises to make cultural adaptations
specific to that country’s needs, eg a macdonalds in India has many more vegetarian
options, and a macdonalds in Spain had spices familiar to the area.
8. Good if money comes into the country to invest in our infrastructure, and economic
development
9. No idea. Hmm. I’m going to say it is a cost that you must pay above the products price to
incur for the risk of trading internationally
10. The Federal Reserve Bank
Post Questions:
John Tarr
1. global village refers to the entire world being conceded as one big community through
technology
2. World Trade Organisation
3. open
4. to help attract our products for international trade
5. infrastructure
6. it help make trade easier but also influences how expensive a product could be should the
exchange rate change
7. allows us to trade in more markets and not just locally
8. helps grow the economy
9. this refers to what you needed to sacrifice in order to achieve something else
10. European union
11. At the beginning of this assessment I felt as if I had a fairly broad understanding of what
international economics was all about, the 10 questions that I got asked i could answer
about 7/8 fairly easily, there where 2 questions that got the better of me in the form of
"what is a global village" which turns out it basically refers to the entire world being
connected under one "umbrella" through technology, this i put down to simply being out of
touch with technology due to my age but I was well educated on just how advanced things
are now in the world, a second issue was to name a key difference between developed and
developing country which I was told about how it can come down to
infrastructure/economy/health care etc.
12. the interview was well conducted, and the group was very helpful in assisting me where I
struggled
Chris Roux
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
The world has become so small that what happens in one country has influence on another
World trade organisation
Open economy
Encourage export of excess goods
Better legislation and control systems in place for a Developed country
If the Rand loses power, it costs us more to import
Standardisation of Education where one can get a qualification here and go work overseas
Stronger currencies coming into our country help boost our economy
Cost of getting more of one good means getting less of another
Not sure
It’s tested my knowledge of international economics. I just struggled to name an Economic
union, the rest of the questions were less challenging.
12. I think it was done well. The questions were straight forward and not many.
Martin Oosthuysen
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
The world is a big community where technology connects us all.
World Trade Organisation
Open Economy
Encourage exports.
Health care and standard of living
They affect the market prices of a country's imports and exports
Access to the foreign markets.
Stabilises the economy and brings in advancements that wouldn't be there without the
investment.
The cost off giving up something to receive something different.
European Union
The importance of international trading to stimulate the economy and it is vital to stimulate
and control your imports and exports as this has a big role in the market price of goods.
Enjoyed the format and was professional and easy.
Sarah Musgrave
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Global Village refers to how we are all connected through telecommunications.
World trade organisation
Open
This encourages exports as it makes exports cheaper for foreign countries and makes our
exports more competitive.
Developed countries make more money on average than developing countries.
The exchange rate has an impact on how much we pay for foreign goods and how much
foreigners pay for our goods.
Globalisation allows us to have access to goods and services and markets in other countries.
FDI injects our economy with capital to start new business ventures that we otherwise
wouldn’t have had.
Opportunity cost is the cost of a product or service that includes what we give up buying to
buy that product.
European Union
11. I learnt about FDI, as well as export subsidies. The terms used were not completely new to
me, but I learnt more about what opportunity cost means in an economic sense after the
group explained it to me. Overall, I think it was a valuable learning experience.
12. The questionnaire was professional and well-constructed, and the questions were difficult
and challenging but do-able. The members were respectful when I asked questions and
wanted to know more, and they were willing to answer any questions I had for them.
Riane Victor
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
The world is a big community that is linked together through different types of technology.
World Trade Organisation.
Open economy.
To encourage exports .
Infrastructure and strength of the economies.
Effect the prices of import and export.
Easy access to foreign goods and markets.
Stabilises the economy.
The cost of giving up something, for something else.
European Union.
Learnt about opportunity cost, what a global village is and the benefits of globalisation as
well as the importance of imports and exports.
12. Great.
Odwa Mkefa
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
A close knit community but on a global scale where there’s codependency
World trade organisation
Closed economy
To grow the country’s economy
Employment stability
To know where your currency stands compared to other countries so you can avoid making
losses
Improved technology
Stabilise the economy and gives money for new economic growth
It helps grow the economy and allows for increased capital for new business ventures
EU (European Union)
I have learned what opportunity costs are, what foreign direct investment does for our
country and a bit more about economic unions. I also learned the difference between a
closed and open economy is.
I think it’s conducted well because it’s not time consuming. Also because I was able to grow
my understanding of general economics terms that we often hear about.
Anon 3
1. Global village is the interdependency and cooperation of people and governments and
communities and companies, that makes us connected like a village but on a global scale.
2. World trade organisation
3. Open, because we trade with other countries.
4. They allow us to improve the competitiveness of our exports.
5. Developed countries have improved infrastructure compared to developing countries.
6. Exchange rates influence how expensive and cheap it is to export and import.
7. Globalisation allows us access to other countries for their products and travelling
8. I cant remember 100% all the words and terms from when they explained it, but FDI is more
money to make more business, in a nutshell.
9. Opportunity cost is the cost of buying one product instead of another.
10. EU
11. I didn’t know a lot about export subsidies before, but now I know how they impact trade and
goods and the overall economy. I think I knew a lot before, but now I know 2 or 3 more
words that I never knew before.
12. This was interesting and had good information for me to know. I struggled to understand the
questions here and there, but I think they helped me know what I was not getting.
Ches De Abreu
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
its a way of linking the entire world through technology
world trade organisation
open economy
to promote trade between south Africa and other foreign
the standard of health care
exchange rates are important when it comes to international trade because it determines
how much one will pay for an item
it helps improve things such as technology and health care around the world which
ultimately imptoves lives
it helps boost our economy
opportunity is what you have to give up in order to achieve something else such as me going
to work so that means i am unable to stay home and study
united nations
before this assessment i would say my knowledge on international economics would be very
basic, a lot of the questions i found to have a slight understanding of the terms but through
the assessment i received help and they educated me on the things i was unsure of such as
just how important exchange rates are, especially on larger scales then a slight increase or
decrease in the exchange rate could cost countries/companies millions, other terms such as
the WTO and many other economic unions where taught to me as i only knew of, that being
the EU as well as the UN.
the interview was great in terms of how casually it was conducted as well as the fact that I
felt there was no judgment for not knowing some of the questions, instead they educated
me on it and gave me a lot of clarity
Anon 1:
1. Global village means we are all connected through technology like a city or village with just
great distances between the suburbs.
2. World trade organisation
3. Open
4. Export subsidies have to do with trade, specifically exports and imports. They make our
exports better for foreign markets.
5. Developing countries don’t have as much infrastructure, health care, money, services or
opportunities as developed countries and they are less wealthy.
6. They are important because it impacts the prices of goods from overseas, like oil and petrol
and technology products.
7. A benefit is that is opens out economy and other economies to trade with each other and
this gives us more trade and more diversifies array of products we can buy,
8. It helps south Africa because it gives us a boost from investment for business plans and
infrastructure
9. It is the cost of a good when we consider what we could have bought instead as part of the
cost
10. European Union
11. I learnt a lot about international economics, especially after guessing most of the answers in
the first questions. I guessed what an economic union was and got it right, but I now know it
is an official economic partnership.
12. I appreciated the interviews simplicity and the welcoming atmosphere they created when I
was unsure and didn’t know things.
Anon 2:
1. It means we are all connected and interact with each other on a global scale, there is
communication and interaction through technology with no geographical limits.
2. World trade organisation
3. Open
4. Export subsidies make is more possible to export and we pay more but they are more
competitive
5. Developed countries have higher incomes than developed countries
6. Exchange rates mean that buying a good priced in dollars with be more expensive if the
dollar is stronger than the rand and then we will pay more
7. Globalisation allows us to travel and communicate with people all over the world
8. FDI is a foreign injection of capital and investment and helps us grow the economy more
than we would have been able to without it.
9. Opportunity cost is having to not only give up the money for a product, but also giving up
everything you could have bought instead
10. EU – European Union
11. I learnt about what foreign direct investment is and how it is helpful for the growth and
development of a country and its economy, what the world trade organisation is and how it
runs, also that developed and developing country classification is the same as 1st and 3rd
world country type of classification.
12. Overall professional, the explained well what it was about and for and what I needed to do.
Thankful that they respected my request for privacy and were friendly about it.