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How do you define international trade
International trade is the exchange of goods and services between countries
It is also known as world trade, foreign trade or overseas trade
What are the reasons for international trade
Can you list some of them
Uneven distribution of natural resources, specialization, patterns of demand, economies of scale, innovation or variety of style
What do trade barriers mean
List some examples of trade barriers in international trade
Trade barriers mean the restriction measures taken by governments
Tariff, quotas, import license and foreign exchange control are all examples of trade barriers
How do countries benefit from the international trade
Countries can get cheaper and greater variety of goods or services for consumers
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