Download App

International Trade — OCM STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceOCMInternational Trade5 Marks
Question
Show the difference between import and export.
✓

Answer

No. Points Import Export
$1$ Meaning When products or services are made in other countries and purchased by India is called import. When product or services are made in India and sold in other countries is called export.
$2.$ Illustration e.g. When India purchases crude oil from Iraq then it can be said that India has imported. e.g. India sells tea in Britain. It is said that India exports tea.
$3.$ Foreign Exchange Foreign exchange reserve of a country decreases due to import. Foreign exchange reserve increases due to export.
$4.$ Types There are two types of Import:
  1. Visible Import : Machinery, motor car etc. which can be seen or touched are purchased from other countries. They are visible import.
  2. Invisible Import: It includes banking, insurance services which cannot be seen. They are called invisible import.
 There are two types of export
  1. Visible Export: Machinery, motor car etc. which can be seen and touched are sold in other countries. They are visible export.
  2. Invisible Export :: It includes services like banking, insurance etc. which are exported to other countries. They are invisible export.
$5.$ Influence on Economy Supply increases, needs are satisfied. It is necessary for price stability and benefit of new technology Industries of the nation are encouraged. It increases prestige of a country. Opportunities of employment increase

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "5 Marks Each" from International Trade→International Trade — all question types→OCM STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

"There are many forms of business and trade existing worldwide." Which is the simplest and oldest practice among them? Explain its importance.
→
State the difference between Co-operative Society and Company.
→
Explain scope of $E$-commerce services.
→
State main limitations of the Company.
→
Mr. Rameshwar, who is the Finance Manager at K.P. Software Company, believes that equity shares should be issued to meet long-term capital requirements. Do you agree with him? Provide necessary reasons in support of your answer.
→
Write a note on Insurance Regulatory Development Authority $(IRDA)$
→
Explain steps of export procedure.
→
Explain the meaning and characteristics of Public Corporation.
→
What is Public Deposit ? Explain advantages and limitation of Public Deposit.
→
“Insurance contract is a special type of contract” - Explain.
→