How foreign trade helps in expanding globalisation? explain in detail
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hey
In a global economy, no nation is self-sufficient, which is associated with specific flows of goods, people and information. Each nation is involved at different levels in trade to sell what it produces, to acquire what it lacks and also to produce more efficiently in some economic sectors than its trade partners. Even if international trade, or long distance trade since there were no nations in the modern sense, has taken place centuries, as ancient trade routes such as the Silk Road can testify, trade occurred at an ever increasing scale over the last 600 years. It now plays an even more active part in the economic life of nations and regions, but trade should be taking place only if there is a benefit for the partners involved.
Trade can be a convenience, but also a necessity. It is a convenience, as supported by conventional economic theory, when trade promotes economic efficiency by providing a wider variety of goods, often at lower costs, notably because of specialization, economies of scale and the related comparative advantages. It is a necessity when trade enables to acquire goods that would otherwise not be available in a national economy such as energy, minerals or food.
hope it helps
In a global economy, no nation is self-sufficient, which is associated with specific flows of goods, people and information. Each nation is involved at different levels in trade to sell what it produces, to acquire what it lacks and also to produce more efficiently in some economic sectors than its trade partners. Even if international trade, or long distance trade since there were no nations in the modern sense, has taken place centuries, as ancient trade routes such as the Silk Road can testify, trade occurred at an ever increasing scale over the last 600 years. It now plays an even more active part in the economic life of nations and regions, but trade should be taking place only if there is a benefit for the partners involved.
Trade can be a convenience, but also a necessity. It is a convenience, as supported by conventional economic theory, when trade promotes economic efficiency by providing a wider variety of goods, often at lower costs, notably because of specialization, economies of scale and the related comparative advantages. It is a necessity when trade enables to acquire goods that would otherwise not be available in a national economy such as energy, minerals or food.
hope it helps
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Yes !
foreign trade help us to earn more money .
It is helpful for our country economically .
foreign trade is must for a developing country to become fully devloped country .
mark me brainliest
foreign trade help us to earn more money .
It is helpful for our country economically .
foreign trade is must for a developing country to become fully devloped country .
mark me brainliest
harshusachinfan:
that's just absurd, no way of marking ur answer as the brainliest
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