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Benefits of international trade and economic integration in Sri Lanka

Introduction Each country has its own natural resources, natural endowments and its benefits. Also countries are having limited resources and unlimited needs and wants. Different Country has different resources at different limit to fulfill their needs and wants. Therefore counties do try to overcome from these problems and do businesses with other countries through international trade and economic integration.
Tea industry in Sri Lanka is one of the main business in which the country gets foreign currency and is also the main drink of ordinary Sri Lankans. The demand for tea products are increasing in the world market.
So the article is about the Sri Lankan tea products, and the current economy of the country. Since the country is having mixed economy and also the economic system is playing vital role in the growth of the country. Also government intervention in the business is also included in the article. Government also has policies to achieve its objectives.
Moreover this will include the market structure and market force as well as international trade and economic integration.
Tea Products Our country Sri Lanka is one of the developing countries in Asia. The main businesses of our country include tourism, tea export, apparel, textile, rice production and other agricultural products. The main industries from which our country gains foreign currency are Tea business and Tourism industry. Recently, our country has become one of the countries exporting fair trade tea to the UK and other countries. Tea is one of the main drinks of ordinary people. And the demands for tea products are increasing day by day. There are many different tea products in market.
Current Economy of Sri Lanka Our country has most strong growth rate of economy in recent years. Inflation has been high but declining, averaging 9.2 percent between 2007 and 2009. The government influences prices through regulations, state-owned enterprises, and subsidies for a wide array of goods.
The inflation rate of consumer prices has been reduced in 2010. And the country is having high growth after the end of civil war.
Figure 1 : Inflation rate (consumer prices)
Our government is trying to reduce the unemployment and increase the foreign investment for the economic growth of the country. Our Sri Lanka’s tea plantation provides lots of job opportunity to Sri Lankan’s. Tea plantations consist of approximately 220,000 workers and dependent population. So it shows the tea industry consist the huge number of job opportunity and have reduced the unemployment for some extent. According to the GDP real growth rate it shows that 2002 the GDP of the country was declined and after that the economy has grown.

Cost Benefit Analysis Economics Essay

Introduction Cost Benefit Analysis (CBA) is a technique which seeks to bring greater objectivity into the decision making. It is a well known evaluation technique that is extensively engaged by both public and private organisations to support the decision making process. It can be useful to almost any kind of decision in any kind of field. It is helpful to identify all the relevant benefits and costs of a particular scheme and to quantify them in monetary terms. The practice arrived in the United Kingdom in 1960s for use in the transportation sector. CBA techniques were extended to cover a wide range of applications, such as water resource management, motorways, nationalized industries, airport locations, forestry, recreational facilities and a wide range of urban investment projects (Paul, 2000).
Private sector, direct monetary costs and benefits determines the profitability and increases the output and investment. All costs and benefits in public sector, affected by an investment must be evaluated in some other way. Welfare economics helps to resolve such issues as how to assess costs and benefits of a non-monetary environment