Question

Write a short note on Trade and exchange.

Answer 1

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties

An exchange is the price of a nation’s currency in terms of another currency. Thus, an exchange has two components, the domestic currency and a foreign currency, and can be quoted either directly or indirectly.

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Answer 2

Answer:

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties. Trade can take place within an economy between producers and consumers

Explanation:

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