Trade is the exchange of goods and services between individuals, businesses, or countries. It’s a fundamental aspect of economic activity, facilitating specialization and the efficient allocation of resources. Key Characteristics / Core Concepts Exchange of Value: Trade involves the mutual transfer of something of value, typically goods or services. Specialization: Trade allows individuals and countries … Read more
A merchant marine is a country’s fleet of commercial ships and the personnel who operate them. It’s responsible for transporting goods and people across waterways. Key Characteristics / Core Concepts Primarily focused on commercial activities, not military operations. Comprises various types of ships, including cargo vessels, tankers, and passenger liners. Essential for international trade and … Read more
Global economics studies the economic interactions between countries. It examines how nations trade, invest, and compete in the international marketplace. Key Characteristics / Core Concepts International Trade: The exchange of goods and services across borders. Foreign Direct Investment (FDI): Investments made by companies in foreign countries. Exchange Rates: The value of one currency relative to … Read more