4 Components of time series

1. SECULAR  TREND
2. seasonal  VARIATION
3. CYCLICAL VARIATION
4. IRREGULAR VARIATION

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Trade policy meaning, types

• Meaning of Trade policy:

                                             Trade policy refers to the regulations and agreements that control imports and export to foreign countries.

Types of Trade policy:  

1. Free trade policy
2. Policy of protection

• case for  free trade policy or Advantages of free trade policy

1. Maximisation of out put
2. Benefits the consume's
3. High factor incomes
4. Meeting emergencies
5. Promotes  international co-operation
6. Best policy for economic development
7. Encourages invention
8. Develops transport and communication
9. Wide markets
10. Prevents monopoles
11. Equitable distribution of resources

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