Question

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Write in your own words 1) State the need / importance of trade.​

Answer 1

Answer:

importance:

International trade between different countries is an important factor in raising living standards, providing employment and enabling consumers to enjoy a greater variety of goods

need:

Foreign trade helps in generating employment opportunities, by increasing the mobility of labour and resources. It generates direct employment in import sector and indirect employment in other sector of the economy. Such as Industry, Service Sector (insurance, banking, transport, communication), etc

Answer 2

• What is the importance of trade?

Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.

• need of trade

Trade—like technology—creates new, higher-paying jobs for Americans as well as for America's trading partners. ... They give consumers greater purchasing power, as trade allows them to buy a wider variety of goods at lower prices.

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