What is international trade
Economics
ScanSolve AI Answer
International trade is the exchange of capital, goods, and services across international borders or territories. It involves the import and export of goods and services between countries. This trade allows countries to specialize in producing goods and services where they have a comparative advantage, leading to greater efficiency and potentially lower prices for consumers.
Was this helpful?
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Economics Questions
QExplain two importance of international trade to a nation and define international trade.QTrade is the exchange of goods and services between individuals, businesses, or countries, often…QWhat are the disadvantages of international tradeQExplain two importance of international trade to a nation and define international trade. Describe…QExplain the concept of trade and list three types of trade, including export and import trade.