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Foreign Trade - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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FAQs on Foreign Trade - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is foreign trade? |  |
Foreign trade refers to the exchange of goods and services between countries. It involves the import and export of goods and services across international borders.
| 2. Why is foreign trade important for an economy? | |
Foreign trade plays a significant role in an economy for several reasons. It allows countries to access a wider range of products and services that may not be readily available or produced domestically. It promotes specialization, as countries can focus on producing goods and services that they have a comparative advantage in. Foreign trade also stimulates economic growth by increasing market size, attracting foreign investment, and promoting innovation and competition.
| 3. What are the benefits of engaging in foreign trade? | |
Engaging in foreign trade offers several benefits. It allows countries to diversify their sources of income and reduce dependence on a single market. It can lead to lower prices and greater variety of goods and services for consumers. Foreign trade also facilitates the transfer of technology, knowledge, and skills between countries. Additionally, it creates employment opportunities and generates revenue through exports.
| 4. What are the different types of foreign trade? | |
Foreign trade can be classified into two main types: import trade and export trade. Import trade refers to the purchase of goods and services from foreign countries by a domestic economy. Export trade, on the other hand, involves selling goods and services produced domestically to foreign markets. Both import and export trade are essential for maintaining a balance of trade and promoting economic growth.
| 5. How does foreign trade affect a country's economy? | |
Foreign trade has a significant impact on a country's economy. It can influence the balance of trade, which is the difference between the value of a country's exports and imports. A trade surplus, where exports exceed imports, can lead to increased domestic production, employment, and economic growth. Conversely, a trade deficit, where imports exceed exports, may result in increased foreign debt and economic challenges. Foreign trade also affects exchange rates, domestic industries, and overall economic competitiveness.
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Dec 22, 2024 Last updated |
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