What is international trade?
Exchange of goods and services between countries
Exchange of goods and services within a country
Exchange of money between countries
Exchange of cultures between countries
What is the purpose of international trade?
To decrease economic activity
To decrease living standards
To increase economic activity
To increase political tensions
What is the benefit of international trade?
Access to products that a country cannot produce itself
Decrease in competition
Decrease in markets
Decrease in economies of scale
Which international organization helps to govern international trade?
World Health Organization
World Trade Organization
Define international trade in your own words.
International trade refers to the exchange of goods and services between countries, with the aim of increasing economic activity and improving living standards.
How does international trade benefits countries?
International trade allows countries to specialize in producing goods and services that they can produce more efficiently and cost-effectively, and to access products that they cannot produce themselves. Through international trade, countries can expand their markets, increase competition, and take advantage of economies of scale.