Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsFOREIGN TRADE3 Marks
Question
Explain reasons of Foreign trade.
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Answer
1. Difference in Factor Endowments: Countries have different natural resources. 2. Cost of Production: Some countries can produce goods more cheaply due to technology or labor. 3. Variety/Specialization: Trade allows consumers to access goods not produced locally.
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