Trade — Flashcards

Answer

Trade is the buying and selling of goods and services to fulfill each other's needs. It involves producers who supply goods, consumers who purchase goods, and sellers who facilitate the exchange betwe…

Answer

Visible trade involves the buying and selling of physical goods (like vegetables, books, clothes). Invisible trade involves the exchange of services (like transportation, medical advice, entertainment…

Answer

Wholesale trade is when traders buy commodities on a large scale directly from producers and sell them on a large scale to retail traders. Example: Orchard owners selling their entire mango production…

Answer

Retail trade is when traders buy goods from wholesale traders and sell them directly to consumers in smaller quantities. Example: Shopkeepers selling goods to customers, vegetable vendors in markets.

Answer

Domestic trade takes place between different regions within the same country. It is affected by factors like country size, diversity, natural resources, population, transport, communication, living st…

Answer

International trade is the exchange of goods and services between different countries. It occurs when some countries produce specific products in excess (like crude oil in Saudi Arabia) and sell to co…

Answer

Bilateral trade occurs between two countries only. Multilateral trade occurs between more than two countries simultaneously.

Answer

Export is when a country produces excess goods or services and sells these to other countries that have demand for them. The country earning foreign currency through sales.