Please discuss the following:
Explain the relation between trade and world output. Describe the broad pattern of international trade. If the nations of the world were to suddenly cut off all trade with one another, what products might you no longer be able to obtain in your country? Using an Indian company involved in the business of wall and floor tiles, identify how it would suffer if this were to happen and what it could do to overcome this issue.
Explain the relation between trade and world output
Countries continually trade as needed, based on demand, in order to satisfy the global output needs of each country. The domestic firm globally exports their products, in an attempt to fulfill the required level of demand. Each company that engages in trade adds to the level of global output, which in turn acts as a benefit to each company's economy from a global standpoint.
Describe the broad pattern of international trade
International trade generally ...