Nature and Scope of Foreign Trade — Chapter Summary
ICSE · Class 11 · Commerce
Summary of Nature and Scope of Foreign Trade for ICSE Class 11 Commerce. Part of the ICSE Class 11 Commerce syllabus.
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Overview
Foreign trade is trade performed across the boundaries of a country. It is also called external trade or international trade/business. It connects traders of different countries through the exchange of goods and services, and it becomes especially important because no country is completely self-suff
Key Concepts
Foreign trade is the exchange
Foreign trade is the exchange of goods and services across the boundaries of a country. It is the same as external trade or international trade/busine
Stephenson defines it as trade spread
Stephenson defines it as trade spread beyond the boundaries of a country. Anatol Murad defines it as trade between nations. Penguin Dictionary defines
Foreign trade has three types
Foreign trade has three types: import trade, export trade, and entrepot trade. Import trade means buying goods from other countries. Export trade mean
Foreign trade involves documents
Foreign trade involves documents, government control, foreign currency, expert middlemen, strong competition, parties from different countries, and kn
Home trade takes place within one
Home trade takes place within one country, while foreign trade takes place across country boundaries. Home trade uses local currency, road and rail tr
Learning Objectives
- To understand the meaning and definitions of foreign trade
- To identify the three types of foreign trade
- To explain the main characteristics of foreign trade
- To compare home trade and foreign trade
- To understand why foreign trade is necessary and important
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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