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These Last Year Question Papers helps you to understand exam pattern and type of questions asked in in paper. It involves exchange of goods and services between the trades of two countries. Foreign trade consists of import trade, export trade and entrepot trade.
In the early stages of human civilization, production was confined as per consumption. Human wants were limited. Nowadays, human wants are increasing and as such no man was considered to be self-dependent. Like this no country can live in isolation and claimed the status to be self-sufficient.
Because of this reason countries have trade relationships with each other. The primary objective of foreign trade is to increase foreign trade and increase the standard of living of its people. There is an increasing demand for foreign trade because of the following reasons:.
In what ways is exporting a better way of entering into international markets than setting up wholly owned subsidiaries abroad. Answer: Exporting is a better way of entering into international markets than setting up wholly owned subsidiaries abroad in following ways:. Discuss briefly the factors that govern the choice of mode of entry into international business.
Answer: Following factors govern the choice of mode of entry into international business,. Also list the major products that India trades with other countries. Answer: India is 10th largest economy in the world.
It is the second fastest growing economy, next only to China. In absolute terms, there has been significant increase in imports as well as exports. Total exports have increased from crores in to Rs.
Exports increased times while imports increased times indicating that there is adverse balance of trade. Before , promotion of import substitution and discouraging of exports was government strategy. Imports consisted of machinery, equipment and intermediates in production, petroleum and petroleum-products.
After green revolution, imports of fertilizer too increased. During , external trade formed only During the , this share is rising continuously.
The ratio of exports plus imports to GDP has grown from On adding services it becomes from But it is only because of IT services and we are still lacking in manufacturing exports which can generate a large volume of employment. We have not done as well as China and Malaysia have done. What is invisible trade? Answer: Trade in services is called invisible trade. Since services are invisible, export and import of services has been named as invisible trade. Export and import of foreign travel, transportation and insurance has largely increased during last four decades.
There has been a change in composition of services exports. Share of travel and transportation has declined to During s and 60s exports were mainly of primary goods. Over time, the role of engineering goods has been increasing. In nutshell, we can say that the role of the external or internationally traded goods sector has been growing steadily in Indian economy.
It is because India has a vast pool of software engineers and an even bigger pool of English-knowing staff. Out of international trade and international business which one is wider in scope? Answer: International business.
What is the basic reason behind international trade? Answer: Comparative cost advantage in production of some goods. Give one point of difference between licensing and franchising. Answer: Licensing is used for goods and franchising is used for services.
When a middleman is involved in handling export procedure, then it is called by what name? Answer: Indirect exporting. Licensee or franchisee pays a fee to licensor or franchisor. What is it called?
Answer: Royalty. Reebok orders for footballs to local manufacturers of Ludhiana and then sells it all over the world.
It is an example of what? Answer: Contract manufacturing. Answer: USA. Answer: 0. Which service has got dominating share in foreign trade in services? Answer: Software and Miscellaneous.
Answer: 10th. Define international business. Private companies undertake such transactions for profits; government may or may not do the same in their transactions. These transactions take on various forms which are often correlated. Explain different forms of Joint Ventures.
Answer: A joint venture refers to establishing a firm which is jointly owned by two or more independent firms. It can be entered into three ways:. Explain different forms of contract manufacturing. Answer: Contract manufacturing can take three forms:. India embarks on the path of globalisation. Comment Answer: Since , with the announcement of New Economic Policy, India also embarks on the path of globalisation.
India was facing a severe financial crisis. IMF agreed to led money to India on the condition that India will introduce structural changes in its economy. As a result, India announced the policy of LPG i. Liberalisation, Privatisation and Globalisation.
Then on 1 January, WTO was formed. Therefore, it had to open up its economy for rest of the world and they also allowed India to enter their markets. Though the process of reforms has somewhat slowed down, India is very much on the path of globalisation.
What are the benefits of international trade to firms? Answer: Given below sue benefits of international business for firms:. Answer: There has been a phenomenal increase in foreign capital inflow and outflow. Inward foreign investments have increased from crores in to crores in Table showing inflow and outflow of foreign capital in and from India:. Discuss the merits and demerits of entering into joint ventures.
Answer: Merits of Joint Venture. Discuss the benefits of international business. Answer: The benefits of international business to nations are as follows:. Discuss the scope of international business. Licensing and franchising are suitable in different situations.
Explain how? Answer: Yes, it is right to say that licensing and franchising are suitable in different situations. For a company looking to expand, franchising and licensing are often appealing business models. The franchiser maintains a considerable degree of control over the operations and processes used by the franchisee, but also helps with things like branding and marketing support that aid the franchise.
Under a licensing model, a company sells licenses to other typically smaller companies to use intellectual property IP , brand, design or business Ncert Solutions Of Class 10th Maths Chapter 8 Import programs. These licenses are usually non-exclusive, which means they can be sold to multiple competing companies serving the same market. In this arrangement, the licensing company may exercise control over how its IP is used but does not control the business operations of the licensee.
There are laws that govern the franchising model and define what constitutes franchising; some agreements end up being legally viewed as franchising even if they were originally drawn up as licensing agreements. It can be clarified from the differences given below:. Discuss meaning, merits and demerits of contract manufacturing.
Answer: Contract manufacturing refers to type of international business where a firm enters into contract with some local manufactures in foreign countries to get certain components of goods produced as per their specifications. It is also called outsourcing. It can take three forms: Getting produced certain parts of final products which will be used for the production of final products later; assembly of components into final products; and complete manufacture of the products like garments.
Merits of Contract manufacturing. Over time, the role of manufactures including engineering goods has been increasing. Substantiate your answer.
Answer: I agree to the statement partially. A wholly owned subsidiary is a more investing, more risky and more return giving venture. It can be established in two ways: first, as a greenfield venture, in which an altogether new firm is set up to start operations in a foreign existing firm in a foreign country and using it for manufacturing and promoting its products in the home country.
Merits of Wholly Owned Subsidiaries. How is home trade different from external trade? Answer: Internal trade takes place between the geographical boundaries of a nation, whereas international trade takes place between different nations. Answer: Foreign trade is not free from difficulties. The following are some of the important difficulties of foreign trade:. Justify your answer: Answer. No doubt, trade benefits both parties involved. These gains can be categorised as static and dynamic.
Static gains from trade:. Value Based Questions Question 1. Which mode of international business should be chosen by a small businessman and why? Answer: A small business should consider the following factors in selecting mode of entering into international business.
It ensures the presence of stable price by avoiding wide fluctuations in prices. It tries to equalise the world price. Increased standard of living: It ensures more production to meet the demand of the people of different countries. By increased production, it becomes possible to increase income and the standard of living of its people. It also increases the standard of living by increasing more employment opportunities.
It enables a country to import those goods which it cannot produce. Large scale production: It ensures large production because the production is carried on to meet the demand of its people as well as world market.
Large scale production also ensures a great deal of internal economies which reduces the cost of production. Answer: Nations trade because of following reasons: Unequal distribution of natural resources: Resources are unequally distributed in natural resources. Some countries are abundant in one commodity and scarce in other while opposite is true for some other country. Unequal availability of factors of production: Different nations are endowed with different factors of production which includes land, labour, capital and entrepreneurship.
Theory of Comparative Cost Advantage: Due to these factors, some countries are in an advantageous position in producing selected goods and services which other countries cannot produce that effectively and efficiently and vice-versa.
Consequently, each country finds it advantageous to produce those selected goods and services that it can produce more effectively at home and importing those goods in which other nations have a comparative cost advantage. Geographical Specialisation: The international business as it exists today is the result of geographical specialisation. Even within a country each state specialises in those goods for which it is geographically more suitable. Similarly, each nation specialises in those goods in which it is specialised as per availability of resources and exchanges it for other goods and services in foreign market.
Cost minimization principle of firms: Firms get involved in international business to minimise their Ncert Solutions Class 10th Maths Chapter 2 Note costs and maximise their profits. Answer: Major limitations of contract manufacturing are discussed below: Non adherence to quality standards: Local firms may not adhere to quality standards or product design. It may cause serious quality problems for international firm. No control on production by local producer: Local producer has no control on manufacturing as goods are manufactured strictly as per the terms and specifications by international firm.
He needs to sell to the international firm at a pre-determined price. It reduces profits of local firm. Less Expensive: Under the licensing, it is the licensee who sets up the business unit.
Therefore, licensor has to invest no money. Zero Risk of Loss: Licensor need not take pain of risk of profits and loss. He is paid a pre-determined fees called royalty by the licensee.
As long as licensor continues to produce under the license, licensor keeps on getting his fees irrespective of whether licensee is making profits or incurring losses. Less risk of government intervention or takeovers: A local person handles the business in foreign country. Therefore, there are lesser chances of government intervention or takeovers. Better knowledge of local needs: Since licensee is the local person, he has better understanding of local needs, marketing strategies and business environment.
Therefore, there is lesser risk of these intellectual property rights being missed by other local firms. Answer: The difference between contract manufacturing and wholly-owned subsidiary is discussed below: Question 8. Answer: Question 9. It is clear from the diagram given below: Question 3. There is an increasing demand for foreign trade because of the following reasons: The natural resources are unevenly distributed.
The presence of specialisation and division of labour. Different countries have difference in economic growth rate. The presence of the theory of comparative cost. The following are some of the advantages of foreign trade: Optimum use of Resources: Foreign trade helps in the optimum use of natural resources and avoids wastages of resources. Stable Price: It ensures the presence of stable price by avoiding wide fluctuations in prices. Availability of all types of goods: It enables a country to import those goods which it cannot produce.
Increased Standard of living: It ensures more production to meet the demand of the people of different countries. Large Scale production: It ensures large production because the production is carried on to meet the demand of its people as well as world market.
Answer: Exporting is a better way of entering into international markets than setting up wholly owned subsidiaries abroad in following ways: Easiest Way: It is easy to enter international markets through exports as compared to wholly owned subsidiaries. Less Involving: It is less involving as compared to establishing a wholly owned subsidiary because firms need not invest that much time and money. Zero risk of Foreign Investment: Exporting does not require much of investment in foreign countries.
Therefore, foreign investments risks are low as compared to when a firm starts its wholly owned subsidiary in foreign country. Therefore, it alone has to bear the risk of losses. This form of business operations is subject to high degree of political risks.
Answer: Following factors govern the choice of mode of entry into international business, Ease of entry: First and foremost factor that determines the choice of mode of entry into international business is ease of entry. A businessman wants to adopt such mode of entry into international business which is easy and less formalities requiring. Exporting, importing, licensing and franchising are better ways from this perspective.
Cost: Second determining factor is cost involved. For example, very less cost is involved in exporting, importing, licensing, franchising and contract manufacturing as compared to joint ventures and setting wholly owned subsidiaries. Control over production: If the foreign company or producer wants full control over production activities in local country, he will prefer franchising, wholly owned subsidiary or joint venture with majority share holding.
If it is not so important, he will prefer exporting, importing, contract manufacturing licensing etc. Sharing of Technology: If the company has no problem in sharing of technology then it may choose joint venture or franchising. But if it does not want to share its technology and trade secrets, it will prefer wholly owned subsidiary or exporting, Risk Involved: If a firm is ready to take risk, it may choose wholly owned subsidiary or joint ventures but if it is willing to minimize its loss then it should choose exporting, licensing, franchising or contract manufacturing.
Answer: International business Question 2. Answer: Indirect exporting Question 5. Answer: USA Question 8. Answer: Software and Miscellaneous Question Answer: 10th II. It can be entered into three ways: A foreign investor may buy interest in a local company Local firm may acquire an interest in an existing foreign firm. Both local and foreign firms jointly establish a new enterprise.
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