ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -International trade is an exchange involving a good or service conducted between at least two different countries. The exchanges can be imports or exports. An import refers to a good or service brought into the domestic country. An export refers to a good or service sold to a foreign country.

Detailed explanation-2: -The types of international trade include inter-firm trade, intra-industry trade, intra-firm trade, inter-industry trade. All of these types of international trade involve the importation or exportation of goods and service. The only difference is the scope and methods in which the various trades are applied.

Detailed explanation-3: -International trade is the purchase and sale of goods and services by companies in different countries. Consumer goods, raw materials, food, and machinery all are bought and sold in the international marketplace.

Detailed explanation-4: -International trade is the exchange of capital, goods, and services across international borders or territories, which could involve the activities of the government and individual. In most countries, such trade represents a significant share of gross domestic product (GDP).