International Trade (Part 2) — Chapter Summary

Trade is the voluntary exchange

Trade is the voluntary exchange of goods and services. International trade is exchange among countries across national boundaries. It exists because c

Barter system is the primitive form

Barter system is the primitive form of trade in which goods are exchanged directly without money. It had difficulties because each party had to find s

The difficulties of barter were overcome

The difficulties of barter were overcome by the introduction of money. Before paper and coin currency, rare objects such as flintstones, obsidian, cow

Every January after the harvest season

Every January after the harvest season, Jon Beel Mela takes place in Jagiroad, 35 km from Guwahati, and it is possibly the only fair in India where ba

The Silk Route is an early

The Silk Route is an early example of long distance trade connecting Rome to China along a 6,000 km route. Traders carried Chinese silk, Roman wool, p