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FOREIGN TRADE — Economics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsFOREIGN TRADE3 Marks
Question
Explain any three reasons for international trade.
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Answer

1. Difference in Factor Endowments: Different countries have different natural resources.
2. Cost of Production: Countries trade to get goods that are cheaper to import than to produce.
3. Technological Progress: Countries with advanced tech export specialized goods.

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