Trade
Definition
Trade involves the exchange of goods, services, or resources between individuals or groups. It allows for economic interaction and the acquisition of needed items from others.
Analogy
Think of trade as a lunchtime swap meet where students exchange different snacks with one another.
Related terms
Barter system: A form of trade where goods are directly exchanged without using money.
Commerce: The activity of buying and selling products on a large scale.
Mercantilism: An economic theory emphasizing that a country's wealth is determined by its accumulation of gold and silver through exports while limiting imports.
"Trade" appears in:
Practice Questions (9)
What might be an outcome if Native American tribes did not trade extensively before European contact?
Which African ruler was known for making Mali one of the wealthiest countries due to trade during his reign?
Which technological advancement significantly influenced trade among the British colonies?
What act introduced by British Parliament attempted to control trade within its colonies?
How did the invention of the wheel impact trade during early civilizations?
What was the economic system during colonial America where England controlled trade of its colonies?
How did the Erie Canal impact trade during the Market Revolution?
What transportation development most increased trade among states during the U.S.'s market revolution?
Which technological innovation revolutionized transportation and trade during this era?
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