Paper I: Basics Of Foreign Trade - B Com Part I Syllabus - Maharaja Ganga Singh University, Bikaner(MGSU, Bikaner)

Unit – I
International Trade – meaning, salient features, interdependence of internal and international trade, similarities and dissimilarities in internal and international trade, factors effecting international trade, advantages, disadvantages and problems of international trade.
Unit – II
Theories of international trade – absolute difference in costs theory, comparative cost theory, statements and explanation, assumptions and criticism. Heckshher – ohlin theory – statements and explanation, assumptions, mail elements, criticisms, and superiority on Recardo theory.
Unit – III
Foreign trade policy – Meaning, scope and importance, distinguish between trade policy and commercial policy, free trade policy – meaning, characteristics, merits and demerits. Protection policy – meaning, characteristics, merits and demerits, methods of protection.
Unit – IV
Regulation of international trade – meaning, objectives and methods. Gains from international trade – meaning, measurements, main gains, factors affecting the gains from international trade.
Unit – V

Term of trade – meaning, importance, types and factors affecting Term of trade. Term of trade between rich and poor countries, causes of adverse Terms of trade for developing countries, difficulties in measurement of Terms of trade, international payments – meaning, characteristics, necessity, difficulties and methods.

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