1. What does the term 'trade' primarily refer to?
2. What is the primary difference between domestic and foreign trade?
3. What is the primary role of domestic and foreign trade in an economy?
Trade — definition?
Exchange of goods and services for value.
Trade — definition?
Exchange of goods and services.
Domestic vs Foreign Trade — difference?
Domestic occurs within a country; foreign involves international transactions.
Domestic trade — scope?
Within a country's borders.
Labor & Capital Mobility — role?
Facilitates resource movement, boosting trade and economic growth.
Foreign trade — scope?
Between countries.
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