6. Trade
Trade is a fundamental process involving the buying and selling of goods and services, connecting producers and consumers across various regions. It can be classified broadly into internal and external trade, each serving distinct functions and operating under different legal frameworks. The importance of trade extends beyond mere exchange, driving economic growth, specialization, and fostering international relations.
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What we have learnt
- Trade is essential for the distribution of goods and services from producers to consumers.
- Internal trade occurs within a country, whereas external trade happens between countries.
- Various aids to trade, including transport, banking, and insurance, are crucial for facilitating trade activities.
Key Concepts
- -- Internal Trade
- Trade that takes place within the boundaries of a country, involving local currency.
- -- External Trade
- Trade that occurs between two or more countries, involving foreign currency.
- -- Aids to Trade
- Support services such as transport, banking, insurance, warehousing, advertising, and communication that facilitate trade.
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