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Define international trade. Why is it considered as economic barometer of a country? |
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Answer» When trade takes place between two countries it is known as international trade. (i) It is very important for the development of a country. Advancement of international trade of a country is an index to its economic prosperity. (ii) As the resources are space bound, no country can survive without international trade. (iii) It enables a country to earn foreign exchange which is needed to import essential goods. It is, therefore, considered the economic barometer for a country. |
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