o The market, or the place where the sale and purchase is undertaken.
� Types of Trade:
o Domestic Trade. Is trade that is undertaken within a country’s
borders.
o Foreign Trade. Is trade that is undertaken between countries. It
involves the purchase of goods abroad, or imports; and the sale of
goods abroad, or exports. Both are recorded in a document known
as a balance of trade, and its balance can be either a surplus or
deficit, depending on whether exports are higher than imports.
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