Question
'Advancement of international trade of a country is an index to its prosperity.' Support the statement with suitable examples.
Solution
The statements to support are-
(i) Foreign trade results in connecting the markets or integration of markets in different countries.
(ii) More and more goods and services, investments and technology are moving between countries.
(iii) Productions in widely dispersed locations in getting interlinked.
(iv) Globalisation and greater competition among producers both local and foreign producers has been of advantage to consumers, particularly the well-off sections in the urban areas.
(v) Globalistion has enabled some large domestic companies to emerge as multinationals themselves.
