Question

5. What is the utility of foreign trade?​

Answer 1

Answer:

International trade promotes efficiency in production as countries will try to adopt better methods of production to keep costs down in order to remain competitive. Countries that can produce a product at me lowest possible cost will be able to gain larger share in the market.

Explanation:

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Answer 2

Foreign trade is very important.

Explanation:

Foreign trade refers to the buying and selling of goods from countries outside the territory of the home country.

Trade is very important in maintaining international relations in the modern trading world.

The utility of foreign trade can be summarised in the following points:

• Foreign trade brings foreign exchange to any economy which is important for maintaining the currency.
• Foreign trade also brings advanced technology, new products, and foreign ideas which can improve the Process of development.
• Foreign trade also ensures that the culture of various countries reaches other countries.
• Foreign trade also helps in maintaining healthy relationship between states.