11th NCERT Business Studies Chapter 11

International trade refers to the exchange of goods and services between countries, while international business encompasses a broader scope including trade, production, and marketing activities across national borders.

Possible answers: 1) Increased market opportunities, 2) Access to new resources and technology, 3) Diversification of revenue sources.

The major reason underlying trade between nations is the differences in availability of resources and specialization leading to mutual benefit through trade.

Contract manufacturing involves producing goods for another company under its brand, while setting up a wholly owned production subsidiary abroad involves establishing a new entity owned entirely by the parent company in a foreign country.

Pre-shipment inspection ensures that the exported goods meet quality standards, specifications, and requirements of the importing country, reducing the risk of rejections or delays.