Question

explain the industrial structure and the importance of international payments. based on article about economy.

Answer 1

Ans: Industrial structure is basically defined as the composition of nation’s economic activities including the production of human resource and physical industries which are categorized on the basis of the production process and the type of value being added and the natural resources being available. The importance of international payment can be defined as follows:
International payments and exchange are useful for the bilateral trade between two or more nations.
The international payments are essential for the export, import and various types of trade activities amongst the nations.
When the conversion for the foreign exchange with one country’s currency is the exchange with the currency of another country, in this case, it comes under the category of international payments because all the trade relations can only be possible with the help of international payments.
As the industrial structure includes a number of firms, sales of industries and number of employees. The growth rate of the industries is an important element of the industrial structure.