As today's world became globalisation, all the countries are selling and buying goods from other countries. While some people are of the opinion that producing goods according to their own needs is beneficial instead of importing from other countries, Whereas others believe that nations cannot meet all the requirements on their own.
Firstly, the fact that, producing things within the country is advantage in terms of price. Importing causes the increase in the cost of the products, as it includes shipping and transportation expenditures. secondly, it creates enormous employment opportunities and improves the living standard of people. Furthermore, it improves the nations' economy. For instance, agriculture is the back bone of India and it produces food grains such as Wheat, Rice, Maize etc. Since it is a developing country and also densely populated, it cannot afford imported food for their people.
However, some countries cannot produce certain crops, as its geographical conditions does not support. Therefore, these countries satisfy their requirements in exchange of resources from others. Apart from food resources each country has its own resources such as oil, minerals, gold mines, etc. For example, although Middle east countries havean abundance of oil resources, they cannot produce food crops. Thus many countries are dependents on these countries to fulfill their requirements to get oil from them in exchange of other food products.
To encapsulate, it is certainly true to say that although, producing own goods is advantage in terms of the economy, it is necessary to import and export for the benefits of whole humanity.
As
today
's world became
globalisation
, all the
countries
are selling and buying
goods
from
other
countries
. While
some
people
are of the opinion that producing
goods
according to their
own
needs is beneficial
instead
of importing from
other
countries
, Whereas others believe that nations cannot
meet
all the requirements on their
own
.
Firstly
, the fact that, producing things within the
country
is advantage in terms of price. Importing causes the increase in the cost of the products, as it includes shipping and transportation expenditures.
secondly
, it creates enormous employment opportunities and
improves
the living standard of
people
.
Furthermore
, it
improves
the nations' economy.
For instance
, agriculture is the back bone of India and it produces
food
grains such as Wheat, Rice, Maize etc. Since it is a developing
country
and
also
densely
populated, it cannot afford imported
food
for their
people
.
However
,
some
countries
cannot produce certain crops, as its geographical conditions does not support.
Therefore
, these
countries
satisfy their requirements
in exchange of
resources from others. Apart from
food
resources each
country
has its
own
resources such as oil, minerals, gold mines, etc.
For example
, although
Middle east
countries
havean
abundance of oil resources, they cannot produce
food
crops.
Thus
many
countries
are dependents on these
countries
to fulfill their requirements to
get
oil from them
in exchange of
other
food
products.
To encapsulate, it is
certainly
true to say that although, producing
own
goods
is advantage in terms of the economy, it is necessary to import and export for the benefits of whole humanity.