In a Short Essay, Describe Three Different Types of Payment

question 47

Essay

In a short essay, describe three different types of payment methods used in international exporting and importing. Include the advantages or disadvantages of each method.

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Definitions:

Jeffrey Sachs

An American economist known for his work on sustainable development, poverty alleviation, and as an advisor to governments on economic reforms.

Poverty-stricken Countries

Refers to nations with low levels of income and economic development, often characterized by insufficient access to basic necessities such as food, clean water, and healthcare.

Information Technology

The use of computers, storage, networking, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.

Poverty Trap

An economic condition in which it is difficult for an individual to obtain enough capital and/or credit to escape poverty; it causes poverty to persist and is also called the “cycle of poverty”.