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Economics explained


International trade

International trade

International trade

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International trade is the exchange of goods and services beyond national borders. It entails the sale of exports (goods and services sold to overseas buyers) and imports (foreign goods and services bought by domestic households and firms).


Globalization is the increased flow of goods, services, people, ideas, and capital across borders.

As economies merge with each other, local companies' sales depend on the tastes of foreign consumers, and local consumers can choose from a variety of foreign and domestic offerings.

It also leaves a country at the mercy of the rest of the world's health.

Free trade

Free international trade is the exchange of goods and services across national borders without any government restrictions.

No taxes or limits are imposed on exports and imports, no subsidies are given to distort cost advantages and there is no unnecessary paperwork involved.

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