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WEEK 8
TOPIC: TRADE
CONTENT:
- Definition and types of trade
- Reason for trade
iii. Importance of trade
SUB-TOPIC 1: DEFINITION AND TYPES OF TRADE
Trade simply means the exchange of commodities/services for money or for other services or commodities. Trade takes different forms but basically it develops when an individual or region or country produces a surplus of a product, and this product is in demand for other persons, regions or countries may in turn have products which will be in demand by the former individual, region, or country.
In the beginning trade merely involve the exchange of one commodity for another. This type of trade was known and is still called trade by barter. The implication is that only persons, regions, or countries that have some things they could exchange with others could exchange in trade. Trade grew and developed only when money was introduced as means of paying for goods.
TYPES OF TRADE
There are different types of trade, these include:
- Inter-regional trade
- Interstate trade and
- International trade
For the purpose of this study, trade shall be grouped into inter regional and interstate trade, under national and state trade and place it side by side with international trade and finally zero into international trade
NATIONAL TRADE
This involves trade between one place and another within the country. This trade affects international trade which is the focus of our study.
INTERNATIONAL TRADE
This can easily be defined as trade among trades among countries. That is, it is trade between one country and another. This trade takes place along the major transport routes of the world that is the inland water ways, and the sea, the air routes, rail and roads.
There are two types of international trade, these are:
- Export trade and
- Import trade
EXPORT TRADE: This deals with commodities that are sold out of the country, that is, this goods are produced in a particular country and are sold to another country
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