There are two approaches for a developing country to promote development. If a country has a natural resource, such as petroleum, which is in considerable demand in the rest of the world, which is the more logical of the two approaches to development for that country?

International trade is better.

Self-Suffiency

Explanation:

International trade is term that defines exchange of capital, goods and services across various international borders or countries.

The main purpose of international trade is for the countries to have access to goods and services that will be expensive to produce internally, compared to buying through importation.

Therefore, a developing nation promotes development by international trade the following ways:

1. Increased Economic Resources: through international trade, developing nation will be able to have access to economic resources such as labour and capital to produce goods and services needed in the country

2. Improved quality of life: this implies that developing nation can easily have access to readily available products that are expensive to produce internally.

3. Better foreign relations: this also means, developing nation will have access to military infrastructure or services, and politically get connected through international trade relations, thereby getting protected against internal and external threat.

4. Improved production efficiency: this means that developing nation can easily exchange or get new but efficient knowledge or education in terms of production or business administration that can help to promotes development in the country.

However, self sufficiency is a term that describes country trying to produce all the goods and services needed to thrive as a country. However, even developed nations can not be self sufficient in all sectors of the economy, not to talk of developing nation that only have natural but raw resources or materials as economic resources, without efficient production means or production of other needed economic resources.

what are the options?

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