Every region has different specialty and comparative advantages in production of some tradable commodity, which also results in mass production. So trade at the market price gives benefits to both locations.
The country export surplus goods and import sparse goods. The basic instances of money were object with intrinsic value known as commodity money. Currency is a standardized form of money which facilitates wider exchange of good and services.
While international trade is the same exchange of goods and services across borders. It represents a significant part ofannual GDP in most countries. While international trade has been present throughout much of history and its always considered important for the development of the country in its economic, social, and political way because of industrialization, advanced transportation, globalisation,multinational corporations, andoutsourcing. (Stiglitz, 90) In fact, it is probably the increasing pervasiveness of international trade that is usually meant by the term "globalization".
International trade is very essential for the development of the country. There are only few ways from which the Gross income of the country can be increased. The flow of different currencies is as important as producing anything.
Trade is a key factor in economic development. Successful use of trade keys can boost a country's development. ...