Describe trading blocs with examples.
Trading blocs are the group of countries with formalised system of trading agreements. Most of the world's trade has been taking place within these blocks. Membership of these blocs depend upon the result of the effects of distance, colonial relationship and geopolitical alliances.
For example EU, EFTA, NAFTA, OPEC etc..
Which one of the following South American nation, is a part of OPEC?
In which of the following trade blocs is India an associate member?
What is the basic function of the World Trade Organisation?
Why is it deterimental for a nation to have negative balance of payments?
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.
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