What is International Trade?
Understand the Problem
The question discusses the concept of International Trade, which involves the exchange of goods and services between countries. It highlights that no country can be entirely self-sufficient and emphasizes the need for countries to trade to obtain commodities they cannot produce themselves or to source them at a lower cost.
Answer
International Trade is the exchange of goods and services among countries across national boundaries.
The exchange of goods and services among countries across national boundaries is known as International Trade.
Answer for screen readers
The exchange of goods and services among countries across national boundaries is known as International Trade.
More Information
International trade involves the exchange of goods and services across international borders, allowing countries to acquire commodities they cannot produce or can buy at a lower cost elsewhere.
Sources
- International Trade - Wikipedia - en.wikipedia.org
- International Trade: Commerce among Nations - imf.org
- International (Global) Trade: Definition, Benefits, and Criticisms - investopedia.com
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