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What is Trade???
- Trade is the exchange of goods and services.
- Usually money (currency) is involved in these transactions but sometimes resources are exchanged for other resources. This is called bartering.
Answer: What are some of the benefits of international Trade?
Importing and Exporting
- Trade is based on the concepts of importing and exporting.
- Importing is when goods and services are brought in to a country or region from another country or region.
- Exporting is when goods and services are sent out of a country or region to another country or region.
-Tariff: A tax paid on an import or an export.
What is international Trade?
- International trade is the trade between countries.
- International trade allows certain countries and regions to specialize in a type of product or service and export that product or service.
- Example: Japan specializes in technology such as cell phones and they export these products to other countries.