The transit of goods and services from the source country to the international market is known as foreign trade.
Foreign trade includes export and import. When products are received from a foreign country is known as import and when the product is transported to other foreign countries is known as export.
Foreign trade provides exposure to the producers, their goods are purchased beyond the domestic market.
Similarly, buyers have more choice to purchase. The influx of foreign goods also increases competition in the market.
Example: there are many products that are imported in India have proved to be a tough competition for domestic companies.
Globalisation has transformed the way of living, it has reduced the distances and increased the interdependence among the people and nations at all levels.
a. The process of Globalisation has brought the world together at a single platform where the differences have diminished in all aspects including social, cultural, economic, political etc
b. Globalization has transformed the way of living, it has reduced the distances and increased the interdependence among the people and nations at all levels.
c. Competition has increased in the market. As for a single demand, various products are available in the market.
d. Jobs have increased. As foreign companies have started to hire other countries’ people as an employee.
e. Globalization led to the influx of industries, factories and forests were cleared in huge amount for the set, which in turn ruined the environment and diminished the biodiversity.
f. The local economies were affected.
Example: The dress culture has also changed, youths have been more fascinated by the western dress culture. Youths aspire to work as an employee in foreign countries.
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