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Nature and Scope of Foreign Trade

ICSE · Class 11 · Commerce

Flashcards for Nature and Scope of Foreign Trade — ICSE Class 11 Commerce. Quick Q&A cards covering key concepts, definitions, and formulas.

65 questions36 flashcards5 concepts

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36 Flashcards
Card 1Meaning of foreign trade

What is foreign trade?

Answer

Foreign trade is trade performed across the boundaries of a country. It is also called external trade or international trade/business.

Card 2Definitions of foreign trade

State Stephenson's definition of foreign trade.

Answer

International trade or Foreign Trade means the trade which is spread beyond the boundaries of a country.

Card 3Definitions of foreign trade

State Anatol Murad's definition of foreign trade.

Answer

Foreign or International trade is a trade between nations. This definition highlights that trade takes place across national boundaries.

Card 4Definitions of foreign trade

State the Penguin Dictionary definition of international trade.

Answer

The exchange of goods and services between one country and other is called international trade.

Card 5Examples of foreign trade

What is the meaning of trade between India and America in commerce?

Answer

Trade between India and America is an example of foreign trade, also called international trade or external trade.

Card 6Types of foreign trade

What are the three types of foreign trade?

Answer

Foreign trade is of three types: import trade, export trade, and entrepot trade, also called re-export trade.

Card 7Import trade

What is import trade? Give one example.

Answer

Import trade is the type of foreign trade in which a trader of one country purchases goods from traders of other countries. Buying of oil by India from Kuwait is an example of import trade.

Card 8Export trade

What is export trade?

Answer

Export trade is the type of foreign trade in which a trader of one country sells goods to traders of other countries.

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What are the important topics in Nature and Scope of Foreign Trade for ICSE Class 11 Commerce?
Nature and Scope of Foreign Trade covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Nature and Scope of Foreign Trade — ICSE Class 11 Commerce?
Understand the core concepts first, then work through the 65 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
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There are 36 flashcards for Nature and Scope of Foreign Trade covering key definitions, formulas, and concepts. Use them daily for 10–15 minutes for best results.

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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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