Question

what is the meant by trade? what is the difference between international and lacal trade​

Answer 1

Explanation:

The exchange of goods among people, states and countries is referred to as trade. Trade between two countries is called international trade whereas trade between two places within a country is called local trade.

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Answer 2

Answer:

Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services.

important of trade :-

i)Trade increases competition and lowers world prices, which provides benefits to consumers by raising the purchasing power of their own income, and leads a rise in consumer surplus.

ii)Trade also breaks down domestic monopolies, which face competition from more efficient foreign firms.

Local trade

i) When trade takes between states, cities or villages within a city, it is known as local trade.

ii)Local trade does not impact the value of the national currency. It does however, impact the use of resources and generate employment in the country.

International trade

i) When trade takes place between two countries, it is known as international trade

ii)It impacts the value of national currency.

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