Definition of Trade
What is Trade?
Trade is the buying and selling of goods and services, in order to satisfy human wants. Before the introduction of money which serves as a medium of exchange, trade was carried out in the form of barter.
Trade by barter is a system where goods are exchanged for other goods. For example, a maize farmer exchanging his maize for the yam of another farmer.
Those who buy and sell to other people are called traders.
Trade can be broadly divided into two:
1. Home Trade.
2. Foreign Trade.