Trade refers to the exchange of goods and services between countries.
Imagine trade as a giant international potluck dinner where each country brings dishes (goods) they specialize in making and exchanges them for dishes from other countries that they can't make as well at home.
International Trade: The exchange of goods and services across international borders. It’s like having an international potluck dinner where everyone brings their best dish to share with others.
Trade Balance: The difference between what a country imports and what it exports. If you brought 5 dishes to the potluck but took home 7 different ones, you'd have a negative trade balance!
Protectionism: Government actions and policies that restrict or restrain international trade often done with the intent of protecting local businesses and jobs from foreign competition. It’s like bringing your dish to the potluck but not letting anyone else try it to ensure there’s enough for your own family.
Which concept best illustrates the diffusion of agriculture via trade rather than physical migration?
Which city exemplifies the concept of a world city due to its influence on global finance and trade?
Which innovation greatly improved transport and trade during the Industrial Revolution?
Which invention during the Industrial Revolution transformed transportation by linking cities and promoting trade?
Which term describes the increasing interconnection of all regions in the world through politics, technology, and trade?
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