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International Trade (Overview) Video Lecture - Humanities/Arts

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FAQs on International Trade (Overview) Video Lecture - Humanities/Arts

1. What is international trade?

Ans. International trade refers to the exchange of goods and services between different countries. It involves the import and export of products, where countries specialize in producing goods that they can produce efficiently and trade them with other countries for goods that they cannot produce as efficiently.

2. How does international trade benefit countries?

Ans. International trade brings several benefits to countries. It allows countries to access a wider variety of goods and services at competitive prices, promoting consumer welfare. It also encourages specialization and economies of scale, leading to increased productivity and economic growth. Additionally, international trade fosters cultural exchange and promotes diplomatic relations between nations.

3. What are the major barriers to international trade?

Ans. There are several barriers to international trade, including tariffs, quotas, and trade restrictions imposed by governments to protect domestic industries. Non-tariff barriers such as technical barriers, subsidies, and currency manipulation also hinder trade. Additionally, political instability, corruption, and inadequate infrastructure can pose challenges to international trade.

4. How does international trade affect employment?

Ans. International trade can have both positive and negative effects on employment. While it can lead to job creation in sectors that specialize in export production, it can also result in job losses in industries that face increased competition from imports. However, overall, international trade tends to have a positive impact on employment as it stimulates economic growth and creates new opportunities.

5. What is the World Trade Organization (WTO)?

Ans. The World Trade Organization (WTO) is an international organization that deals with the global rules of trade between nations. It serves as a forum for negotiating trade agreements, resolving trade disputes, and providing a platform for countries to cooperate on trade-related matters. The WTO aims to promote a fair and open trading system that benefits all member countries.

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International Trade (Overview) for Humanities/Arts2024 is part of Humanities/Arts preparation. The notes and questions for International Trade (Overview) have been prepared according to the Humanities/Arts exam syllabus. Information about International Trade (Overview) covers all important topics for Humanities/Arts2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for International Trade (Overview).

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