Trade | Open Access Journals

Business and Economics Journal

ISSN: 2151-6219

Open Access


Trade is a basic economic concept that involves the purchase and sale of goods and services, with compensation paid to a seller by a buyer, or the exchange of goods or services between parties. Trade between producers and consumers can take place within an economy. International trade enables countries to expand markets for goods and services which might otherwise not have been available to them. This is why an American consumer may choose between a Japanese, German, or American car. As a result of international trade, the market contains greater competition and hence more competitive prices, bringing the consumer home to a cheaper product. Trade refers broadly to transactions that range in complexity from the exchange of baseball cards between collectors to multinational policies setting import and export protocols between countries. Whatever the transaction's complexity, trading is facilitated through three primary exchange types.

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