Question

What is trade? Explain the importance of international trade.

Answer 1

Answer:

Trade: The exchange of goods among people, states and countries is referred to as trade. Importance: .International trade of a country is an index to its economic prosperity

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
• International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.