Answer :

The expansion of foreign trade has led to several benefits for both consumers and producers-


a. There is a wider variety of goods and services available for the consumers to choose from.


b. Producers get exposed to foreign trade, and as a result, gain more experience and profits.


c. The quality of products is significantly higher.


d. MNCs get a chance to further expand their business.


e. Producers are exposed to a wider range of technology and better labour forces.


These changes, however, are not all positive. There are quite a few disadvantages which come with the tag of foreign trade.


OR


The continuous process of globalisation has led to quite a lot of changes in markets-


a. There is a wider variety of products and facilities at markets. The variety of smartphones and cameras in today’s age justifies this phenomenon.


b. Every month, new models of cars are advertised, and people can now afford to buy top-notch cars from high-end brands.


c. A similar change can be seen in the flavours of juices, sauces and other food items.


d. Production is widely dispersed, and people in the remotest areas of the world can afford to buy these products. For example, packaged drinking water.


e. The delivery of goods from one hemisphere of the world to another has been made possible. For example, online shopping services such as amazon, flipkart.


Hence, we see that a vast amount of positive changes has taken place in markets in recent times.


Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Related Videos
All 3 marks NumericalsAll 3 marks NumericalsAll 3 marks Numericals46 mins
All 4 marks NumericalsAll 4 marks NumericalsAll 4 marks Numericals43 mins
Glimpses of IndiaGlimpses of IndiaGlimpses of India39 mins
All Diagram QuestionsAll Diagram QuestionsAll Diagram Questions45 mins
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
caricature
view all courses
RELATED QUESTIONS :

<span lang="EN-GBTogether With Social Science

“Due to globalisaTogether With Social Science

How has competitiTogether With Social Science

How can consumersSocial Science - Board Papers

Explain how the mTogether With Social Science

Recent studies poTogether With Social Science

<span lang="EN-GBTogether With Social Science

Information and cFull Marks - Social Science

What is the impacFull Marks - Social Science

On the given poliSocial Science - Board Papers