What is trade? Explain the importance of international trade.
Trade: The exchange of goods among people, states and countries is referred to as trade.
- International trade of a country is an index to its economic prosperity.
- It is considered the economic barometer for a country.
- As the resources are spate bound, no country can survive without international trade.
- Countries have trade relations with the major trading blocks.
- Exchange of commodities and goods have been superseded by the exchange of information and knowledge.