HOW IS TRADE IS BAROMETER OF AN COUNTRY
Answers
Advancement of international trade of a country leads to economic prosperity.
Income earned from international trade constitues a major part of the nation's net national income
large international trade leads to revival of domestic economy
Industries are also considered as economic barometer of the country.
as it indicates the share of a country in world trade.
When trade takes place between two countries it is known as international trade.
(i) It is very important for the development of a country. Advancement of international trade of a country is an index to its economic prosperity.
(ii) As the resources are space bound, no country can survive without international trade.
(iii) It enables a country to earn foreign exchange which is needed to import essential goods. It is, therefore, considered the economic barometer for a country.