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## Chapter 8: Trade ### 1. Create a flowchart showing the types of trade. - **Types of Trade:** - **On the basis of quantity of goods** - Wholesale Trade - Retail Trade - **On the basis of the extent of trade region** - International Trade (External) -...

## Chapter 8: Trade ### 1. Create a flowchart showing the types of trade. - **Types of Trade:** - **On the basis of quantity of goods** - Wholesale Trade - Retail Trade - **On the basis of the extent of trade region** - International Trade (External) - **On the basis of number of countries involved** - Bilateral Trade (2 countries) - Multilateral Trade (more than 2 countries) - Domestic Trade (Internal) ### 2. Explain the difference in types of balances of trade. - The difference between the import and export values of a country in a specific period is called the balance of trade. - **Types of balance of trade:** - **Unfavorable balance of trade:** When the value of imports is more than the value of exports. - **Favorable balance of trade:** When the value of exports is more than the value of imports. - **Balanced balance of trade:** When the value of exports and imports is almost the same. ### 3. State the objectives of WTO - The objectives of WTO (World Trade Organisation) are as follows. - To provide a platform for negotiations in international trade. - To handle the difference related to trade. - To monitor the trade policies of member states. - To provide technological assistance and training to developing countries.