ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Goods and services produced in one country but supplied to buyers in another are known as exports. International trade is made up of exports and imports. Exports are critical to market democracies because they provide people and businesses with access to a larger market for their products.

Detailed explanation-2: -Answer and Explanation: Good sold in other countries are called “exports” and the more a company exports over its imports, the more positive its balance of trade is. If exports exceed imports, the nation runs a trade surplus.

Detailed explanation-3: -International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP).

Detailed explanation-4: -CHINA. With the second-largest economy in the World, China is the leader in exports.

Detailed explanation-5: -Exports of goods and services consist of transactions in goods and services (sales, barter, and gifts) from residents to non-residents. Exports of goods occur when economic ownership of goods changes between residents and non-residents.