Question

2.3 study the information below and answer the questions that follow. transforming world trade organisation (wto) the global trading system centred on the wto is critical for fostering international cooperation and globalisation. however, currently the wto is facing several challenges, including its effectiveness as a negotiating body, struggle in reaching a consensus, capacity to resolve trade disputes, and limited ability to address new trade barriers. adapted source 2.3.1. what does the acronym wto stand for? (1) 2.3.2. identify, from the extract, one challenge currently faced by wto. (1) 2.3.3. briefly describe the term international cooperation. (2) 2.3.4. explain the use of technology in the economy? (2) 2.3.5. how can a country benefit from international cooperation? (4) 2.4. discuss the evolution of labour market. (8) 2.5. why should the nation be encouraged to save? (8) 40

Explanation:

2.3.1: The acronym is explicitly stated in the title as World Trade Organisation.
2.3.2: The extract lists challenges like struggle in reaching consensus, etc. One such is the struggle in reaching a consensus as a negotiating body.
2.3.3: International cooperation refers to countries working together, sharing resources, knowledge and collaborating on various issues for mutual benefit.
2.3.4: Technology in the economy can increase productivity, create new industries and jobs, and improve efficiency in production and distribution.
2.3.5: A country can benefit from international cooperation through access to larger markets, sharing of technology and expertise, and increased economic growth.
2.4: The labour market has evolved from traditional manual - labour dominated setups to more service - based and technology - driven ones, with changes in employment patterns, skills requirements etc.
2.5: A nation should be encouraged to save as it provides funds for investment, helps in economic stability, can be used during economic downturns and supports long - term growth.

Answer:

2.3.1: World Trade Organisation
2.3.2: Struggle in reaching a consensus as a negotiating body
2.3.3: Countries working together for mutual benefit.
2.3.4: Increases productivity, creates jobs, improves efficiency.
2.3.5: Access to larger markets, sharing of technology and expertise, economic growth.
2.4: Shift from traditional to service - and technology - driven, changes in employment and skills.
2.5: Provides funds for investment, economic stability, use during downturns, long - term growth.