The total value of goods and services traded is considered to be the _________ of trade.

Question

Question

This question was previously asked in

SSC GD Constable (2022) Official Paper (Held On : 12 Jan 2023 Shift 2)

Answer 1

The correct answer is Option 1.

Key Points

Volume: This refers to the total quantity or amount of goods and services traded.
- It represents the magnitude or size of trade and is typically measured in terms of units, such as tons, barrels, or dollars.
Composition: Composition refers to the makeup or structure of trade.
- It examines the types of goods and services being traded, as well as their proportions or relative shares.
- For example, a country's trade composition could include exports of manufactured goods, agricultural products, and services, as well as imports of machinery, raw materials, and consumer goods.
Direction: The direction of trade refers to the flow or destination of goods and services traded between countries or regions.
- It focuses on the trading partners involved and the geographical destinations or sources of imports and exports.
- For instance, a country's trade direction could involve exporting goods to one set of countries and importing goods from another set of countries.
Exhibition: Exhibition, in the context of trade, typically refers to events or showcases where businesses display their products or services to potential customers.
- Trade exhibitions provide a platform for companies to promote their offerings, network with industry professionals, and explore business opportunities.