Difference between revisions of "Trade"
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Trade is vital characteristic that separates the [[human]] species from the [[animal]] world. [[Human being]]s are dependent upon other human beings for their survival. Very few, if any, human beings fulfill their requirements for [[food]], housing, clothing and other necessities without trading with other human beings. The father of classical economics, [[Adam Smith]] said, "No one ever saw two dogs exchange one bone for another." | Trade is vital characteristic that separates the [[human]] species from the [[animal]] world. [[Human being]]s are dependent upon other human beings for their survival. Very few, if any, human beings fulfill their requirements for [[food]], housing, clothing and other necessities without trading with other human beings. The father of classical economics, [[Adam Smith]] said, "No one ever saw two dogs exchange one bone for another." | ||
| − | [[Economists]] would extend the definition to include the | + | [[Economists]] would extend the definition to include the aggregate amount of trade between [[nation]]s via [[import]]s and [[export]]s, which may result in an imbalance, with one nation having a [[trade surplus]] and another having a [[trade deficit]]. Nations with large trade deficits are known as [[debtor nation]]s. |
== See also == | == See also == | ||
Revision as of 16:29, June 23, 2024
Trade in its simplest form is the exchange of goods and services between peoples.
Trade is vital characteristic that separates the human species from the animal world. Human beings are dependent upon other human beings for their survival. Very few, if any, human beings fulfill their requirements for food, housing, clothing and other necessities without trading with other human beings. The father of classical economics, Adam Smith said, "No one ever saw two dogs exchange one bone for another."
Economists would extend the definition to include the aggregate amount of trade between nations via imports and exports, which may result in an imbalance, with one nation having a trade surplus and another having a trade deficit. Nations with large trade deficits are known as debtor nations.