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"Advancement of international trade of a country is an index of its economic prosperity". Justify the statement with five arguments.?
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"Advancement of international trade of a country is an index of its ec...
Advancement of international trade of a country is an index of it's economic prosperity. This statement is justified by these five arguments given below: -

(i) as the resources are limited no country can survive without International trade.

(ii) goods or resources possessed by one country are required by other and vice-versa. These differences create conditions for international trade.

(iii) foreign trade has helped India to improve its productivity of manufactured goods. International trade contributes to India’s economic growth, raising income level of people.

(iv) in the recent years, exchange of commodities and goods have been superseded by the exchange of information and knowledge.

(v) India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.
Thus, it can be concluded that advancement of international trade of a country is an index of its economic property.

That's all🙂
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"Advancement of international trade of a country is an index of its ec...
Advancement of international trade of a country is an index of its economic prosperity


There is no doubt that international trade plays a crucial role in the economic development of any country. International trade is the exchange of goods and services between countries. The more a country engages in international trade, the more it is likely to benefit from it. The statement "Advancement of international trade of a country is an index of its economic prosperity" is justified with the following arguments:

1. Increase in GDP


International trade promotes economic growth by increasing a country's Gross Domestic Product (GDP). When a country engages in international trade, it can access a larger market and sell its goods and services to a larger audience. This leads to an increase in demand for the country's products, which in turn increases production and ultimately leads to an increase in GDP.

2. Job creation


International trade creates job opportunities for people in the country. When a country exports goods and services, it creates job opportunities for people who work in the manufacturing and service industries. Similarly, when a country imports goods and services, it creates job opportunities for people who work in the distribution and retail industries.

3. Access to new markets


International trade allows a country to access new markets. When a country exports its goods and services, it can reach new customers and expand its market. Similarly, when a country imports goods and services, it can access new products and services that were not available in the domestic market.

4. Foreign investment


International trade attracts foreign investment. When a country engages in international trade, it becomes an attractive destination for foreign investors who are looking to invest in the country's economy. This leads to an increase in foreign investment, which in turn leads to an increase in economic growth.

5. Improved standard of living


International trade leads to an improved standard of living for people in the country. When a country engages in international trade, it can access a wider range of products and services at a lower cost. This leads to a higher standard of living for people in the country.

In conclusion, the advancement of international trade of a country is an index of its economic prosperity. International trade promotes economic growth, creates job opportunities, provides access to new markets, attracts foreign investment, and leads to an improved standard of living for people in the country.
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Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The 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 of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. What is trade between two countries called and how does it takes place?

Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The 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 of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. Advancement of international trade of a country is an to its economic prosperity.

Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The 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 of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. Export and import are the components of

Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The 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 of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. The commodities to India include petroleum crude and products, gems and jewelry, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products.

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