the advancement of International Trade of country is an index of its economic development justify the statement
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Every country specialises and exports those commodities which it can produce cheaper in exchange for what others can provide for a lower cost. therefore when a country specialises itself in such a way there will a rapid growth in the income and consequent rising in the standard of the people living in the country.
when international trade is maintained in a comparitive advantage then it can eventually increase the employment opportunities in the country and this can be considered as 'direct economical advantage of foreign trade'. Hence it can contribute a good amount to the GDP of the country as well.
therefore international trade of a country is an index of its economic development.
hope this helps...
when international trade is maintained in a comparitive advantage then it can eventually increase the employment opportunities in the country and this can be considered as 'direct economical advantage of foreign trade'. Hence it can contribute a good amount to the GDP of the country as well.
therefore international trade of a country is an index of its economic development.
hope this helps...
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