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Article: Trade, Domestic
- Article from:
- Dictionary of American History
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TRADE, DOMESTIC
TRADE, DOMESTIC.
Trade can be defined as engaging in an exchange for goods and services. For trade to take place, there must be at least two parties with different wants and needs. These people may not be able to produce the goods or services alone and seek others who can do so.
People need the basics to survive such as food, clothing, and shelter. They may want large houses, fashion clothing, and exotic food. Specialization is extremely important to trade. Each worker or company focuses on producing a type of service or product, creating interdependency. Whether they are consumers, workers, producers, or the government itself, everyone benefits from trade in various ...