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Revision Notes

External Trade

Telangana Open School (TOSS) · Class 12 · Business Studies

Quick revision notes for External Trade — Telangana Open School (TOSS) Class 12 Business Studies. Key concepts, formulas, and definitions for last-minute revision.

45 questions30 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Types of External Trade

  • External trade involves buying and selling of goods and services across national boundaries.
  • It is also called foreign trade or international trade.
  • Three main types: Import Trade, Export Trade, and Entrepot Trade.
2

Importance of External Trade

  • Promotes specialization in production based on resource availability and technology.
  • Improves standard of living by providing access to a wider variety of goods.
  • Enhances competition, leading to better quality and lower prices.
3

Challenges in External Trade

  • Geographical distance increases time and cost of transportation.
  • Higher risks during transit due to weather, piracy, or accidents.
  • Difficulties in transport and communication, especially for remote areas.
4

Facilitators of External Trade

  • Indent Houses help in sending and receiving trade orders.
  • Export Houses promote exports through government bodies like STC, MMTC.
  • Forwarding Agents handle export formalities on behalf of exporters.

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Full Notes

Key Concepts

The buying and selling of goodsThere are three main typesExternal trade promotes specializationTraders face difficulties such as geographicalExport involves steps like receiving inquiry

Frequently Asked Questions

What are the important topics in External Trade for Telangana Open School (TOSS) Class 12 Business Studies?
External Trade covers several key topics that are frequently asked in Telangana Open School (TOSS) Class 12 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in External Trade — Telangana Open School (TOSS) Class 12 Business Studies?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and 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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