Trade refers to buying and selling goods or services between individuals or countries while commerce involves all activities related to trade, including transportation, banking, and advertising.
Trade and Commerce are like a busy supermarket. Trade is the act of buying groceries while commerce includes everything else that makes shopping possible - from transporting goods to the store, pricing items, and advertising sales.
Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale. It's like your local supermarket expanding into a global chain.
Supply and Demand: An economic model of price determination in a market. It's like deciding what to buy based on how many items are left on the shelf (supply) and how many people want it (demand).
Economic System: The means by which countries and governments distribute resources and trade goods and services. It’s like the rules set by the supermarket for selling their products.
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