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Indian Economy 1950-1990 — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsIndian Economy 1950-19904 Marks
Question
Why do countries participate in foreign trade?
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Answer

According to classical economists, countries participate in foreign trade because they cannot produce all the goods and services competitively. A country's resources are suitable only for the production of certain specific goods and services. Therefore, the country should produce only those goods for which its resources are suitable, thus giving it a cost advantage, and import other goods from foreign countries.

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