Introduction

International trade is basically a system by which countries exchange products and services. Countries trade with each other to obtain things that are better quality, less expensive or simply different from products and services produced in their home countries. The products and services that a country buys from another country are called imports, and products and services that are sold to other countries are called exports. We will examine all the basic principles of international trade so students will have a sound foundation of understanding.

What's In This Chapter