Question

1. (a) Define the term internal trade.​

Answer 1

International trade is the term used to describe the transfer of goods and services between nations. It refers to the export and import of commodities and services, to put it simply. While imports are sales of goods and services into the nation, exports are sales of products and services to other nations. No import or customs tax is imposed on this transaction since the products and services are produced and used domestically. Wholesale trade and retail trade are the two subcategories of internal commerce. Adam Smith and David Ricardo, political economists, were early to understand the significance of international commerce. Some claim, however, that commerce between nations may really be detrimental to smaller nations, which has a greater negative impact on the global economy. Trade across borders involves more than simply consumer items. It involves moving raw commodities from areas where they are abundant to areas where they are scarce. As a shipping broker, my most recent ship serves as a good illustration of this. In West Africa, manganese ore will be loaded before traveling to Western India. They anticipate that the US wheat production may be lower this year. In order to react, World Trade ships from countries like Russia and Argentina that are experiencing a prosperous year. This may radically alter the next year. It maintains price stability and distributes resources only according to quality, supply, and demand. Everyone wins, everyone wins.

Answer 2

It is the transfer of gooodds