1. What does the term 'trade' primarily refer to?
2. What is the primary role of domestic and foreign trade in an economy?
3. How do labor and capital mobility compare within domestic and international contexts?
Trade — definition?
Exchange of goods and services for value.
Domestic vs Foreign Trade — difference?
Domestic occurs within a country; foreign involves international transactions.
Labor & Capital Mobility — role?
Facilitates resource movement, boosting trade and economic growth.
Trade — definition?
Exchange of goods and services.
Domestic trade — scope?
Within a country's borders.
Foreign trade — scope?
Between countries.
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