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International Trade Video Lecture | Geography for UPSC CSE
FAQs on International Trade Video Lecture - Geography for UPSC CSE
| 1. What is international trade? |  |
Ans. International trade refers to the exchange of goods, services, and capital between different countries. It involves the import and export of products and services across international borders, allowing countries to specialize in producing what they are most efficient in and benefiting from the trade of goods and services.
| 2. Why is international trade important? | |
Ans. International trade plays a crucial role in the global economy as it promotes economic growth, creates employment opportunities, and enhances the standard of living. It allows countries to access a wider variety of goods and services at competitive prices, encourages specialization and innovation, and fosters international cooperation and diplomacy.
| 3. What are the benefits of international trade? | |
Ans. International trade brings several benefits, including increased market opportunities, access to resources and raw materials, economies of scale, lower prices for consumers, technological advancements, and cultural exchange. It also stimulates competition, drives innovation, and enhances productivity, leading to economic development and higher living standards.
| 4. What are the main barriers to international trade? | |
Ans. Barriers to international trade can include tariffs (taxes on imported goods), quotas (limits on the quantity of goods that can be imported), subsidies (financial assistance to domestic industries), trade restrictions, bureaucratic red tape, cultural differences, political instability, and protectionist policies. These barriers can hinder the flow of goods, services, and investments between countries.
| 5. How does international trade affect developing countries? | |
Ans. International trade can have both positive and negative impacts on developing countries. It can provide opportunities for economic growth, job creation, and access to new markets. However, developing countries may face challenges such as competition from more advanced economies, reliance on primary commodity exports, unequal distribution of benefits, and vulnerability to global economic fluctuations. Effective policies and strategies are required to ensure that international trade benefits all segments of society and supports sustainable development.
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