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Unit 4 Ch 4 : Globalization and the Indian Economy — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 4 Ch 4 : Globalization and the Indian Economy3 Marks
Question
How is foreign trade interlinking markets of different countries? Explain with example.
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Answer

Foreign trade and the interlinkage of markets:
  1. Foreign trade has been the main channel connecting countries.
  2. Foreign trade creates an opportunity for the producers to reach beyond the domestic markets.
  3. Producers can sell their produce in local and foreign market.
  4. It is one way of expanding the choice of goods.
  5. Choice of goods in the markets rises.
  6. Prices of similar goods in the two markets tend to become equal.
  7. Close competition with each other.

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