ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person who purchases (buys) goods and services.
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It is the exchange of goods between two persons.
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It is the exchange of goods and services between countries
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A person, company or country that makes goods and services for sale.
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Detailed explanation-1: -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-2: -International trade is referred to as the exchange or trade of goods and services between different nations. This kind of trade contributes and increases the world economy. The most commonly traded commodities are television sets, clothes, machinery, capital goods, food, raw material, etc.
Detailed explanation-3: -International trade is the exchange of goods and services between countries.
Detailed explanation-4: -Trade contributes to global efficiency. When a country opens up to trade, capital and labor shift toward industries in which they are used more efficiently. Societies derive a higher level of economic welfare.