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TRADE
CONTENT
- Meaning of Trade
- Types of Trade
- Relationship between Home Trade and Foreign Trade
- Differences between Home Trade and Foreign Trade
- Relationship between/among the Different Types of Trade
Meaning of Trade
Trade is the act of buying and selling of goods and services. People trade with the aim of making profit in order to cater with their needs.
Diagram Showing the Divisions of Trade
Types of Trade
The following are the types of trade:
1. Home/local/internal/domestic trade
2. Foreign/external/international trade
3. Entre-port trade
1. Home /Local/Internal/Domestic Trade
This is the buying and selling of goods and services within a country. Buying of goods and services that take place in from Lagos to Port Harcourt, Onitsha and Aba is home trade. It is within Nigeria.
Type of Home/Local/Internal/Domestic Trade
(i) Retail Trade: Retail trade is when the retailer buys goods in small quantity from the wholesaler or the manufacturer and sells them in bits to the final user (consumer).
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