ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Trade is critical to America’s prosperity-fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.

Detailed explanation-2: -Commerce is an exchange between two parties of goods or services for money. The word often implies large-scale transactions.

Detailed explanation-3: -Trade is the exchange of goods and services between parties for mutually beneficial purposes. People and countries trade to improve their circumstances and quality of life.

Detailed explanation-4: -Since the beginning of known history, humans have directly exchanged goods and services with one another in a trading system called bartering. The history of bartering dates back to 6000 BC. Introduced by Mesopotamia tribes, bartering was adopted by the Phoenicians.