Chapter 2 Definitons The Expand of Trade Social
What is the definition of trade?
The exchange of goods and services between individuals or countries
What does 'expand of trade' mean?
The process of increasing the volume of trade
How does trade benefit societies?
It promotes economic growth and specialization
What is meant by the term 'social trade'?
The exchange of goods and services among individuals within a society
Which of the following is NOT a type of trade?
Ex-trade
What is the purpose of trade barriers?
To protect domestic industries and limit imports
What is a trade deficit?
When a country imports more than it exports
What is the World Trade Organization (WTO)?
An international organization that promotes global trade and resolves disputes
What is the role of comparative advantage in trade?
It allows countries to specialize in producing goods they are most efficient at
Which of the following is an example of a trade barrier?
Import quotas