International Trade


 
 
Concept Explanation
 

International Trade

International Trade: The exchange of goods among people, states and countries is referrred to as trade.

  • Market is the place where such exchanges take place.
  • Trade between two Countries is called international trade. It may take place through sea, air or land routes.
  • While local trade is carried in cities, towns and villages, state level trade is carried between two or more states.
  • Advancement of international trade is considered the economic parameter for a country, as It gives an idea about its, economic prosperity. No country can survive without international trade.Export and import are the components of trade.
  • When goods are sent to another country for sale, it is called export, whereas when goods come from another country , to be sold in India, it is called import.
  • Sample Questions
    (More Questions for each concept available in Login)
    Question : 1

    Which one of the following terms is used to describe trade between two or more countries?

    Right Option : C
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    Explanation
    Question : 2

    Which of the following is the premier iron ore exporting of the country ?

    Right Option : A
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    Explanation
    Question : 3

    The difference between the export and import of a country is known as _______ .

    Right Option : C
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    Explanation
     
     
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