Question
Mention the three important aspects of international trade.
Solution
Three important aspects of international trade are:
(i) Volume of trade: It means the actual tonnage of goods traded usually measured by the total volume and the value of goods exchanged.
(ii) Composition of trade: It includes the type of goods and services which enter the world trade.
(iii) Direction of trade: The nature of international trade which has changed with the passage of time.
