Meaning of trade - SS1 Commerce Past Questions and Answers - page 1
What is trade?
The exchange of goods, services, or resources between individuals, businesses, or countries
The act of buying and selling stocks
The process of investing money in a business
What is the main principle behind trade?
Mutual benefit
Competition
Exploitation
What are the different forms of trade?
Bartering and using money as a medium of exchange
Bartering and using gold as a medium of exchange
Buying and selling only
What role does international trade play in the global economy?
Promotes economic growth, job creation, and the transfer of knowledge and technology between nations
Hinders economic growth and job creation
Promotes economic growth but hinders job creation
What are the wider implications of trade beyond economics?
Foster cultural exchange, promote diplomatic relationships, and contribute to peace and stability
Foster cultural isolation, promote diplomatic conflicts, and contribute to war and instability
Promote cultural exchange but hinder diplomatic relationships and peace and stability
What is the main principle behind trade?
What is the role of international trade in the global economy?