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International Trade (Part 2) — Revision Notes

Madhya Pradesh Board · Class 12 · Geography

International Trade (Part 2) revision notes for Madhya Pradesh Board Class 12 Geography: 4 topics in quick points.

46 questions82 flashcards5 concepts

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A flowchart illustrating the fundamental concept of international trade, showing two countries exchanging goods and services across national boundaries.
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Key Topics to Revise

1

Meaning and Basis of Trade

  • Trade requires two parties: one who sells and one who purchases.
  • International trade means exchange of goods and services among countries across national boundaries.
  • Trade exists because countries cannot produce everything they need, or they can buy some goods more cheaply from other places.
2

History and Growth of International Trade

  • In ancient times, long-distance transport was risky, so trade remained mostly local.
  • Only high-value items such as jewellery and costly dresses were traded over long distances in early times.
  • The Silk Route is an early example of long-distance trade connecting Rome to China along a 6,000 km route.
3

Reasons for International Trade

  • International trade is the result of specialisation in production.
  • It is based on comparative advantage, complementarity and transferability of goods and services.
  • Different countries specialise in different goods and services, so trade becomes mutually beneficial.
4

Balance of Trade and Types of International Trade

  • Balance of trade records the volume of goods and services imported as well as exported by a country to other countries.
  • If imports are more than exports, the country has negative or unfavourable balance of trade.
  • If exports are more than imports, the country has positive or favourable balance of trade.

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Full Notes

Key Concepts

Trade is the voluntary exchangeBarter system is the primitive formThe difficulties of barter were overcomeEvery January after the harvest seasonThe Silk Route is an early

Frequently Asked Questions

What are the important topics in International Trade for Madhya Pradesh Board Class 12 Geography?
Key topics in International Trade include Meaning and Basis of Trade, History and Growth of International Trade, Reasons for International Trade, Balance of Trade and Types of International Trade. Study these first, then practise questions on each for the Madhya Pradesh Board Class 12 board exam.
How should I revise International Trade for the Madhya Pradesh Board Class 12 board exam?
Learn the core ideas first, then work through the 46 practice questions on International Trade. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

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

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All Madhya Pradesh Board Class 12 Geography Revision Notes

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