20 points....
International trade is considered the economic barometer of a country. Justify the statement with arguments. at least 5 points needed
Answers
When trade takes place between two countries it is known as international trade.
(i) It is very important for the development of a country. Advancement of international trade of a country is an index to its economic prosperity.
(ii) As the resources are space bound, no country can survive without international trade.
(iii) It enables a country to earn foreign exchange which is needed to import essential goods. It is, therefore, considered the economic barometer for a country.
International trade is taken into consideration as a barometer of the financial development of a country because it suggests the percentage of a country in world trade. It additionally results in the influx of foreign exchange and capital investments within and contributes to infrastructural development.
1. The trade of goods among cities and numerous international locations is known as trade. The trade between two international locations is called international trade.
2. As the resources are area-certain, any country cannot live on without international trade.
3. There are two special components of the trade:
Favourable balance of trade and unfavourable balance of trade.
4. When the value of exports exceeds the value of imports it's far referred to as the favourable balance of trade and when the value of imports exceeds the value of exports it's far referred to as the unfavourable balance of trade.
5. India has emerged as a software giant bringing large forex and the improvement of information and communication technologies.
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