What has increased the area of influence of trade and expanded transport far and wide?
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Answer:
International trade is an exchange of goods or services across national jurisdictions. Inbound trade is defined as imports, and outbound trade is defined as exports. International trade is subject to the regulatory oversight and taxation of the involved nations, namely through customs.
1. The Flows of Globalization
In a global economy, no nation is self-sufficient, which is associated with specific flows of goods, people, and information. Each nation is involved at different levels in trade to sell what it produces, to acquire what it lacks, and to produce more efficiently in some economic sectors than its trade partners. International trade, or long-distance trade since there were no nations in the modern sense, has taken place for centuries. It is an important part of human economic and cultural history as ancient trade routes such as the Silk Road can testify and has occurred at an ever-increasing scale over the last 600 years. Trade now plays an even more active part in the economic life of nations and regions, but it should be taking place only if there is a benefit for the partners involved. International trade is an expansion of the market (or exchange) principle at a scale beyond the region or the nation.