To trade is to willingly give things or services and get other things or services in return. For example, a person giving a thing must find another person who wants to get that thing. The giver gets something back in return.
A trade is also called an exchange or a swap.
Trades with Goods, Services and Money[change | change source]
The things that are given from one person to the other are called goods.
Money can be given in return for a service or for a thing. If money is part of the trade, then the person who gives the money is buying, and the person who gets the money is selling.
More Words[change | change source]
A place where trading takes place is called a market.
When there is no money involved in the trade, the trade is called barter. If there is money involved in the trade, the trade is called a purchase. In the past people would barter to get what they wanted, instead of buying goods and services.
Economics includes the study of trade.
Countries and Trade[change | change source]
Today, trade occurs not just between people, but also between large companies and even countries. Countries sometimes take some of the money or goods involved trade between countries. This is a type of tax called a tariff. Smugglers try to trade without paying tariffs.
Free trade between two countries is when there are small or no tariffs, quotas, or other restrictions on trade.
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