Question

1. What is the significance of international trade?
(5 Marks)
(Grade 10)

Answer 1

Explanation:

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Answer 2

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1. What is the significance of international trade?

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Trade: The exchange of goods among people, states and countries is referred to as trade.

Importance:

• International trade of a country is an index to its economic prosperity.
• It is considered the economic barometer for a country.
• As the resources are spate bound, no country can survive without international trade.
• Countries have trade relations with the major trading blocks.
• Exchange of commodities and goods have been superseded by the exchange of information and knowledge.

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International trade between different countries is an important factor in raising living standards, providing employment and enabling consumers to enjoy a greater variety of goods.

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