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Knowledge
This chapter delves into international trade, highlighting its evolution from barter systems to modern trade practices. It discusses the role of various factors such as national resources, economic development, and transport in shaping trade dynamics, as well as the significance of global trade organizations like the WTO. The chapter concludes by analyzing the implications of international trade on economies and societal structures.
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References
NCERT Study MaterialClass Notes
Memorization
What we have learnt
- Trade is the voluntary exch...
- International trade allows ...
- The Silk Route is an exampl...
Final Test
Revision Tests
What we have learnt
- Trade is the voluntary exchange of goods and services between parties.
- International trade allows countries to acquire commodities they cannot produce themselves.
- The Silk Route is an example of early long-distance trade connecting different cultures.
Key Concepts
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Term: Barter System
Definition: A method of trade where goods and services are exchanged directly without the use of money.
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Term: Comparative Advantage
Definition: The ability of a country to produce goods at a lower opportunity cost than other countries, leading to more efficient international trade.
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Term: World Trade Organisation (WTO)
Definition: An international organization that regulates and promotes global trade, overseeing trade agreements and resolving disputes between member countries.
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Term: Bilateral Trade
Definition: Trade conducted between two countries where both agree on the commodities to be traded.
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Term: Multilateral Trade
Definition: Trade agreements involving multiple countries that expand trade relationships and access to markets.
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Term: Balance of Trade
Definition: The difference in value between a country's exports and imports. A positive balance indicates exports exceed imports, while a negative balance indicates the opposite.