Trade Definition and Meaning
Trade refers to the activity of buying, selling, or exchanging goods or services between individuals, companies, or countries. It involves the transfer of ownership or provision of products and services in return for payment or other goods.
"The ministry had direct control over every aspect of trade."
Types of Trade
- Domestic trade: Transactions within a country's borders.
- International trade: Exchange of goods and services across countries.
Trade drives economic activity by connecting producers with consumers, enabling specialization, and fostering competition.
Importance of Trade
Trade helps:
- Access a variety of goods not available locally.
- Promote innovation by exposing markets to new products.
- Generate employment and economic growth.
Trade is fundamental to economic development, facilitating the exchange of resources and services across different agents and regions.
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