PROFESSOR DAVE Understanding Transaction and Trade
Did you ever trade baseball cards as a kid? Or maybe you didn't like your lunch, and traded it with someone else. We all understand trade in this context, exchanging one thing for something else. But any sale is also considered a trade. When we exchange money for goods or services, we are participating in a transaction. This is something that is done between a producer and a consumer, and middlemen, or dealers, can sometimes be involved. Governments can interfere with trade, in the way of tariffs and quotas. What are these, exactly? Let's get a closer look now!
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