What is meant by trade? What is the difference between international and local trade?
Answer:
Trade refers to the exchange of goods, services, or commodities between people or businesses to earn profit.
Difference between International and Local Trade:
| Aspect | International Trade 🌍 | Local Trade 🏪 |
|---|---|---|
| Definition | Trade between two or more countries. | Trade within a small area, such as a town or village. |
| Scope | Large-scale, involving imports and exports. | Limited to local markets and nearby regions. |
| Currency | Requires foreign exchange. | Uses local currency. |
| Example | India exports tea to the USA. | Selling fruits in a local market. |
Thus, international trade happens across countries, while local trade is within a small region. 📦🚢