Chapter 4

NCERT
Class 10
Economics
Solutions
8. How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.

Question:

How does foreign trade lead to integration of markets across countries?Explain with an example other than those given here.

Answer:

Foreign trade helps in the integration of the markets of different countries in many ways. Information technology and telecommunication have made the information about things or products made in all the countries of the world universal or common. Today even a person living in a remote area of Kashmir knows what things are produced in western countries. Different types of advertisements and markets of foreign goods have become an important part of every country today. For example, India's cotton clothes, woolen clothes, computer equipment, iron and steel etc. have started being exported to almost all the countries of the world and crude oil (petroleum), natural oil and medicines are being imported into India from every corner of the world. is done . The demand and supply forces of the market are determining the price, human labor etc. everything has remained only as a commodity. All living and non-living things have become a commodity. Therefore, integration of markets has become a common phenomenon.

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