☰
✕

International Trade
Question
Wired Faculty App

Mention the different phases of international trade.

Answer

Trade has undergone fundamental changes over times both in quality and quantity with technology as a driving force.
(i) In the first phase primary conditions is raw material, minerals and food products dominated.

(ii) Second phase: In the second phase it was Industrial Revolution in Europe. Manufacturing goods accounted for the largest share of the international trade although trade in primary commodities during this period still took place.

(iii) Third phase: This phase is marked by the dominance of service commodities. Services have become global commodities and are gaining importance with the improvement in transportation and information technology.

Sponsor Area

Some More Questions From International Trade Chapter

What benefits do nations get by forming trading blocs?

How are ports helpful for trade? Give a classification of ports on the basis of their location.

How do nations gain from international trade?

What are out ports? Define with examples.

Describe the nature of composition of internation trade.

Define barter system. Mention the difficulties with this system.

What is an international trade?

Name the five greatest trading nations.

Mention the three important aspects of international trade.

What is the balance of trade?