2017-11-01
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Trade
1. Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter was the metals, precious metals, bills, paper money. Modern trades generally use a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and later credit, paper money and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, between more than two traders is called multilateral trade.
2. Trade exists due to specialization and division of labor, most people concentrate on a small aspect of production. Trade exists between regions because different regions have a comparative advantage in the production of some commodity, or because different regions’ size allows for the benefits of mass production. As such, trade at market prices between locations benefits both locations.
3. Retail trade consists of the sale of goods or merchandise from a very fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Wholesale trade is defined as the sale of goods or merchandise to retailers, to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services.
VIII. Answer the questions:
1. What was the original form of trade?
2. What do modern trades generally use as a medium of exchange?
3. How is the wholesale trade defined?
Variant VII
I. Complete the sentences (1- 9) with the words (a-i):
A) exchange b) skill c) price d) barter e) market f) abroad g) workforce h) agencies i) population.
1.The large supermarkets are offering big ……….cuts.
2. Employment ……….supply companies with different types of workers.
3. Temporary workers now make up between one and three per cent of the total………...
4. Earlier economies worked on a ……….system.
5. Each country has a stock ………..
6. In these countries there is still rapid ………. growth.
7. Shell and Esso are competitors in the oil………...
8. People decide to move ………..for many reasons.
9. This job demands a high degree of………..
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II. Match (1-9) with (a-i) to make up sentences:
| 1. Gender wage gaps discourage women 2. Small states are far more vulnerable 3.Specialization is the backbone 4. A nation can maximize its welfare by making goods 5. The money supply in the economy 6.Utility is the satisfaction that one achieves 7. Economic Growth creates job opportunities 8. Modern economies are creating 9. In a developed country, like the UK, | a) absolute poverty is generally very rare. b) which reduce the level of unemployment. c) from consuming a good/service. d) of all modern economic activity. e) which it produces most efficiently. f) can be altered by the central bank. g) than other countries to natural disasters. h) from regular employment. i) an increased number of part time jobs. |
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