Economics Revision Unit 9

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Last updated 12:07 PM on 7/5/26
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6 Terms

1
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What is trade?

Trade is the buying and selling of products

2
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What is home trade?

HOme trade is the buying and selling of goods and services witthin the country itself

3
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What is intenational trade?

International trade is takes places when two or more countries buy and sell products with each other.

4
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What is export?

Export refers too the sale of goods and services to foreign countries.

5
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What is import?

Imports refers to the purchase f goods and servces from a foreign countries.

6
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GIve the importances of international trade

  • Money generated promotes economic devlopment

  • Jobs are created

  • Customers enjoy a variety of products

  • Quality of life is enhanced

  • Allows sharing of technoogy and ideas