What is the full meaning of trade?
Meaning of Trade
Trade refers to the buying, selling, or exchanging of goods and services between people, businesses, or countries. It is one of the fundamental economic activities that allow resources, products, and services to move from those who produce them to those who need or want them.
Types of Trade
- Domestic Trade: Trade conducted within a single country.
- International Trade: Trade conducted between different countries, involving exports and imports.
Purpose of Trade
- To obtain goods or services that are not available locally.
- To sell surplus products to other markets.
- To increase economic growth and development.
In summary, trade is the voluntary exchange of goods and services, which helps satisfy needs and wants, and supports economic cooperation and development worldwide.