1.

How has foreign trade been integrating markets of different countries in the world? Explain with examples.

Answer»

Foreign trade integrates the markets of different countries as: 

  • It provides an opportunity for both producers and consumers to reach beyond the markets of their own country. 
  • Producers now compete with markets located in other countries. 
  • There is an expansion of choice of goods beyond the domestic market.
  • For example, during the Diwali season, buyers in India have the option of buying either Indian or Chinese decorative lights and bulbs. The Chinese manufacturers get the opportunity to expand their business.


Discussion

No Comment Found

Related InterviewSolutions