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What is the basic definition of term Trade?

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Lika Barton
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Oct 04, 2019
What is the basic definition of term Trade?

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Oct 04, 2019
The term trade is a basic economic concept involving the buying and selling of goods and services, with compesation paid by a buyer to a seller, or the exchange of goods or services between two parties. Trade can take place within an economy between producers and consumers. International trade allows countries to expand markets for goods and services that otherwise may not have been available to it. As a result of international trade, the market contains greater competition and therefore, more competitive prices, which brings a cheaper product home to the consumer.
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