,TRL2602 Assignment 1 (COMPLETE ANSWERS)
Semester 1 2025 (258286) - DUE 20 March 2025; 100%
TRUSTED Complete, trusted solutions and
explanations….WE WISH YOU A GOOD LUCK.
QUESTION 1 1.1 Briefly explain the role of transport and
competition in the economy. (4)
Role of Transport in the Economy
Transport plays a critical role in the economy by facilitating the
movement of goods, services, and people. It acts as a key
enabler of trade, production, and consumption. Here are the
primary ways in which transport influences the economy:
1. Facilitates Trade: Transport systems allow for the
exchange of goods both domestically and internationally.
Efficient transport networks enable countries to export and
import goods, contributing to economic growth and
diversification.
2. Promotes Regional Development: Transport
infrastructure, such as roads, railways, ports, and airports,
promotes the development of regions by improving access
to markets and reducing transportation costs. This
encourages investment, business expansion, and job
creation in previously underdeveloped areas.
3. Boosts Economic Efficiency: Efficient transport reduces
the time and cost required to move goods and services. This
leads to lower production costs, enhanced competitiveness,
and higher productivity, ultimately contributing to
economic growth.
, 4. Supports Employment: The transport sector creates
numerous job opportunities in logistics, vehicle
manufacturing, infrastructure construction, and
maintenance. It also has a multiplier effect, supporting
other sectors such as tourism, retail, and agriculture.
5. Increases Mobility: Transport allows people to access
jobs, education, healthcare, and recreational activities. This
mobility increases productivity and contributes to human
capital development, both of which are crucial to economic
progress.
6. Reduces Geographic Barriers: Efficient transport systems
reduce the challenges posed by geographic distances. This
enables businesses to access resources, reach wider
markets, and operate more efficiently, improving the
overall economy.
Role of Competition in the Economy
Competition refers to the rivalry among firms or individuals
within a market to provide the best goods or services. It is a
driving force in market economies and offers several benefits to
both consumers and businesses:
1. Encourages Innovation: Competition pushes businesses to
innovate, develop new products, improve quality, and find
cost-effective solutions. This innovation leads to better
products and services for consumers and can enhance
productivity in the economy.
2. Drives Efficiency: Companies in competitive markets
strive to reduce costs, improve production processes, and
optimize resource allocation to stay ahead of their rivals.
Semester 1 2025 (258286) - DUE 20 March 2025; 100%
TRUSTED Complete, trusted solutions and
explanations….WE WISH YOU A GOOD LUCK.
QUESTION 1 1.1 Briefly explain the role of transport and
competition in the economy. (4)
Role of Transport in the Economy
Transport plays a critical role in the economy by facilitating the
movement of goods, services, and people. It acts as a key
enabler of trade, production, and consumption. Here are the
primary ways in which transport influences the economy:
1. Facilitates Trade: Transport systems allow for the
exchange of goods both domestically and internationally.
Efficient transport networks enable countries to export and
import goods, contributing to economic growth and
diversification.
2. Promotes Regional Development: Transport
infrastructure, such as roads, railways, ports, and airports,
promotes the development of regions by improving access
to markets and reducing transportation costs. This
encourages investment, business expansion, and job
creation in previously underdeveloped areas.
3. Boosts Economic Efficiency: Efficient transport reduces
the time and cost required to move goods and services. This
leads to lower production costs, enhanced competitiveness,
and higher productivity, ultimately contributing to
economic growth.
, 4. Supports Employment: The transport sector creates
numerous job opportunities in logistics, vehicle
manufacturing, infrastructure construction, and
maintenance. It also has a multiplier effect, supporting
other sectors such as tourism, retail, and agriculture.
5. Increases Mobility: Transport allows people to access
jobs, education, healthcare, and recreational activities. This
mobility increases productivity and contributes to human
capital development, both of which are crucial to economic
progress.
6. Reduces Geographic Barriers: Efficient transport systems
reduce the challenges posed by geographic distances. This
enables businesses to access resources, reach wider
markets, and operate more efficiently, improving the
overall economy.
Role of Competition in the Economy
Competition refers to the rivalry among firms or individuals
within a market to provide the best goods or services. It is a
driving force in market economies and offers several benefits to
both consumers and businesses:
1. Encourages Innovation: Competition pushes businesses to
innovate, develop new products, improve quality, and find
cost-effective solutions. This innovation leads to better
products and services for consumers and can enhance
productivity in the economy.
2. Drives Efficiency: Companies in competitive markets
strive to reduce costs, improve production processes, and
optimize resource allocation to stay ahead of their rivals.
