10th Class Social Science Lifelines of National Economy Question Bank Long Answer Type - Lifelines of National Economy

  • question_answer No country can survive without international trade. Explain.

    Answer:

    No country in the world is self-sufficient in all its needs. Goods produced by one country are required by the other and vice versa. Hence differences in resources, needs and development among nations create conditions for international trade between them. It helps in exchange of surplus goods with those of defect countries through foreign trade. Foreign trade has helped India to improve its productivity o manufactured goods International trade contributes to India's economic growth, raising income levels of people. Thus, increasing the foreign exchange reserves. International trade helps India to import advanced technology of other countries to improve its own production. Thus prosperity of a country depends on the advancement of international trade and hence is called "economic barometer" of a nation.


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