Trade Flashcards
(5 cards)
1
Q
What is trade?
A
trade refers to the exchange of goods and services between individuals, businesses, or countries.
2
Q
domestic trade?
A
The buying and selling of goods and services within a country.
3
Q
International trade?
A
The exchange of goods and services across national borders, involving exports (goods sent out) and imports (goods brought in).
4
Q
what are factors that influence trade?
A
-Uk economics
-Income changes
-Preference
-Quality of good
-exchange rate
-Cheaper imports (eg: china)
-structural change
5
Q
What to do with trade if the UK has high inflation?
A
You can look to buy imports if demand is price elastic
