Explain the importance of trade.
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Trade increases competition and Lowers wild prices, which provides benefits to consumer by raising the purchasing power on their own income,
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Importance of trade are as follows:-
(i) International trade of a country is an index to its economic prosperity.
(ii) It is considered the economic barometer for a country.
(iii) As the resources are space-bound, no country can survive without international trade.
(iv) Countries have trade relations with the major trading blocks.
(v) Exchange of commodities and goods have been superseded by the exchange of information and knowledge.
(i) International trade of a country is an index to its economic prosperity.
(ii) It is considered the economic barometer for a country.
(iii) As the resources are space-bound, no country can survive without international trade.
(iv) Countries have trade relations with the major trading blocks.
(v) Exchange of commodities and goods have been superseded by the exchange of information and knowledge.
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