Trade
Trade is the exchange of goods and services. Trade occurs because people want and need things that they do not have but can get from others. Trade plays an essential role in societies throughout the world.
People need basic things such as food, clothing, and housing. They also want many other things that make life convenient and pleasant. People want goods such as cars and computers, and services such as those performed in beauty salons and physicians' offices. Individuals cannot possibly produce all the goods and services they want. Trade takes place naturally when individuals want to exchange what they have or can produce for what others have or can produce.
Trade occurs within individual countries as well as across international borders. Trade within a single country is called domestic trade. Trade between nations is called international trade. Trade has contributed greatly to economic growth and development. It has also exposed people all over the world to new and different cultures. International trade plays a major role in the process of globalization. Globalization is the trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world.