History Trade

What is Trade?

• Trade is the exchange of goods and services.

• Trade is the exchange of food

• Trade is the exchange of cars within a country

Why does trade take place?

• Trade takes place because individuals, companies, and countries have different needs.

• Trade takes place because people need money

• Trade takes place because countries want to export products

What are two types of trade?

• International Trade

• Domestic Trade

• Export Trade

• Import Trade

What is Demand

• The amount of goods and services the customers want to buy

• The amount of goods and services the customers want to sell

• The amount of goods and services the businesses sell

What is supply

• The amount of goods and services the businesses produce

• The amount of goods and services the businesses want

• The amount of goods and services the countries want to buy

In early history, most trade was in the domestic market. Give reason.

• because transport did not provide access to an international market.

• because money did not provide access to an international market.

What are the advantages of Domestic Trade

• Domestic trade keeps money within a country where it can help local economies to grow.

• People are being encouraged to buy food that is produced locally.

• The country becomes popular in international trade

• Money can go to the WTO

What is International Trade

• International trade is the exchange of goods and services across international borders or territories.

• International trade is the exchange of goods and services within a country

What is Import

• Goods and services bought by one country from another

• Goods and services sold to one country from another

Define export

• The goods and services sold by one country to another

• The goods and services bought by one country from another