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State with reason whether you agree or disagree with the following statement: Foreign trade leads to division of labour and specialization at world level. - Economics

Answer in Brief

State with reason whether you agree or disagree with the following statement:

Foreign trade leads to division of labour and specialization at world level.

State with reason whether you agree or disagree with the following statement:

Foreign trade leads to division of labour and specialization.

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Solution

I agree with the above statement.

Reason:

  1. Foreign trade refers to trade between different countries of the world.
  2. Some countries have plentiful natural resources.
  3. Ideally, such countries should export raw materials and import finished goods from the countries which have an abundant supply of skilled manpower.
  4. Foreign trade enables countries to specialize in the production of those goods for which it has abundant resources.
  5. Hence, we can say that foreign trade leads to division of labour and specialization at world level.
Concept: Foreign Trade of India
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 10 Foreign Trade of India
Exercise | Q 5. (3) | Page 98
SCERT Maharashtra Question Bank 12th Standard HSC Economics Maharashtra State Board 2021
Chapter 10 Foreign Trade of India
State with reasons whether you agree or disagree with the following statements | Q 1
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