Chapter 9 Trade
- What will happen if there is only one currency used in the whole world? The European Union is an example, which has one common currency ‘Euro’. Advantages of having one common currency. If the whole world has one... 1
- Obtain information regarding the bilateral trade between India and Japan for any financial year and the value of India’s Trade with Japan (April 2016-Jan 2017) Exports ₹ 20,000 Cr Imports ₹ 55,000 Cr Trade Balance ₹ 35,000 Cr This shows that India has a... 1
- What is balance of trade? The difference between the import and export values of a country in a specific period is called balance of trade. 1
- What do you mean by unfavourable balance of trade? When the value of imports is more than the value of exports it is called unfavourable balance of trade. 1
- What is favourable balance of trade? When the value of exports is more than the value of imports it is called favourable balance of trade. 1
- What is balanced balance of trade? When the value of exports and imports is almost same, it is called balanced balance of trade 1
- What is WTO stand for? WTO stands for World Trade Organisation. 2
- What does EU stand for? EU stands for the European Union. The European Union is an economic and political union of European countries. It grew out of the European E... 1
- What does OPEC stand for? OPEC stands for Organisation of Petroleum Exporting Countries. 2
- The Consumer Protection Act been enacted The Consumer Protection Act has been enacted to protect the consumers from fraudulent traders supplying sub-standard products. Many advertis... 1
- What do you mean by wholesale trade? In wholesale trade, the traders buy goods on a large scale from industrialists, farmers, etc. For eg. the orchard owners of mangoes or orang... 1
- What is marketing? An invisible flow develops when a product goes from producer1 to consumer. The commercial functions involved in this flow are collectively c... 1
- Explain the importance of trade. The importance of trade are: Trade is an important economic activity. The economic life of people is dependent on each other. No region or c... 1
- What is barter trade? In ancient and medieval periods, trade was done through barter system. Barter trade means exchange of commodities for commodities without us... 1
- Which factors influence trade? The factors which influence trade are: Factors like the economy of the country, government policies, markets, laws, judicial systems, curren... 1
- Mention the functions of the European Union. The main functions of the European Union are: Establishing an integrated market in member nations amongst Europe. Free flow of goods, servic... 1
- What is the importance of marketing from farmers ‘point of view’? Marketing involves price of a commodity, its sales promotion, its advertising and its proper distribution. In the traditional marketing syst... 1
- Write the functions of the important trade organisations in Asia. Important trade organisations in Asia are: Association of South East Asian Nations (ASEAN) To expand social and cultural harmony along with... 1
- What is the difference between the OPEC and APEC in terms of their functions? OPEC APEC (i) OPEC stands for Organisation of Petroleum Exporting Countries. APEC stands for Asia-Pacific Economic Cooperation (APEC). (ii)... 1
- State the objectives of WTO. WTO stands for World Trade Organisation. The main objectives of WTO are: To provide platform for negotiations in international trade. To han... 1