How can consumers and producers be benefitted from ‘foreign trade.’? Explain with examples.

OR

How have our markets transformed in recent years? Explain with examples.

The expansion of foreign trade has led to several benefits for both consumers and producers-

a. There is a wider variety of goods and services available for the consumers to choose from.

b. Producers get exposed to foreign trade, and as a result, gain more experience and profits.

c. The quality of products is significantly higher.

d. MNCs get a chance to further expand their business.

e. Producers are exposed to a wider range of technology and better labour forces.

These changes, however, are not all positive. There are quite a few disadvantages which come with the tag of foreign trade.

OR

The continuous process of globalisation has led to quite a lot of changes in markets-

a. There is a wider variety of products and facilities at markets. The variety of smartphones and cameras in today’s age justifies this phenomenon.

b. Every month, new models of cars are advertised, and people can now afford to buy top-notch cars from high-end brands.

c. A similar change can be seen in the flavours of juices, sauces and other food items.

d. Production is widely dispersed, and people in the remotest areas of the world can afford to buy these products. For example, packaged drinking water.

e. The delivery of goods from one hemisphere of the world to another has been made possible. For example, online shopping services such as amazon, flipkart.

Hence, we see that a vast amount of positive changes has taken place in markets in recent times.