Definition nature and scope of international trade
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features of foreign trade
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Free movement of goods and services across the globe is called the international trade.
Explanation:
Beyond import and export, international trade has varied range of scope to go with!
Definition of the International Trade:
"International Trade refers to the exchange of products and services from one country to another. In other words, imports and exports. International trade consists of goods and services moving in two directions."
Nature of the international trade:
- Utilization of trade and service
- Wide range of customers
- Broader scope of commerce and services
- Wider range of economies of scale
Scope of the international trade:
- Imports and exports
- Trade of services
- Foregin investments (FDI i.e. Foreign Direct Investments and portfolio investments)
- Licensing
- Franchising
International trade aid in increasing the income, production output, cross cultural activities.
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