Question

Explain the three very important aspects of international trade

Answer 1

Answer:

Three important aspects of international trade are:

(i) Volume of trade: It means the actual tonnage of goods traded usually measured by the total volume and the value of goods exchanged.

(ii) Composition of trade: It includes the type of goods and services which enter the world trade.

(iii) Direction of trade: The nature of international trade which has changed with the passage of time.