What was the trade? Explain the importance of international trade?
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Trade: The exchange of goods among people, states and countries is referred to as trade.
Importance:
International trade of a country is an index to its economic prosperity.
It is considered the economic barometer for a country.
As the resources are spate bound, no country can survive without international trade.
Countries have trade relations with the major trading blocks.
Exchange of commodities and goods have been superseded by the exchange of information and knowledge.
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Nivashni2505:
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WHAT IS TRADE...???
- It is the activity that exchange of goods or capital or services among people , states and countries is known as Trade.
- An early form of trade is a barter system in which people exchange (goods or services) for other goods or services without using money. In modern world " money " becomes the medium of exchange of services and goods. ( Which plays a very important role in today world for
development. )
EXPLAIN THE IMPORTANCE OF INTERNATIONAL TRADE...
The international trade is important because of the following reasons :
- It helps in exchange of surplus goods with those of deficit countries through foreign trade.
- It helps in improving the quality of domestic goods.
- It contributes to the economic growth of the country by raising income level of the people and increasing foreign exchange reserves.
- It enables a country to import advanced technology of other countries to improve its own production.
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