Economics Students

1. From local to global trade since
globalization

2. Local Trade:
•Definition: Local trade refers to the buying and selling
of goods and services within a specific geographic area,
such as a town, city, or region.
•Characteristics:
• Primarily involves local businesses and
consumers.
• Face-to-face transactions are common.
• Limited market reach compared to higher levels of
trade.

3. Regional Trade:
•Definition: Regional trade involves the exchange of goods and
services between different regions within a country or a group of
neighboring countries.
•Characteristics:
• Involves larger geographic areas than local trade.
• May benefit from regional trade agreements, fostering
cooperation between neighboring nations.
• Can lead to specialization based on regional resources
and expertise.

4. National Trade:
•Definition: National trade refers to the buying and selling
of goods and services within the borders of a single
country.
•Characteristics:
• Involves trade between regions and cities within
the country.
• Governed by national trade policies and
regulations.
• Can be influenced by factors such as economic
policies, infrastructure, and political stability.

5. International Trade:
•Definition: International trade involves the exchange of
goods and services between countries.
•Characteristics:
• Cross-border transactions between nations.
• Subject to international trade laws, agreements,
and treaties.
• Influenced by factors like exchange rates, tariffs,
and global economic conditions.
• Can lead to economic interdependence and
specialization on a global scale.

6. Global Trade:
•Definition: Global trade encompasses economic
activities that involve the exchange of goods and services
on a worldwide scale.
•Characteristics:
• Involves trade between countries across
continents.
• Highly influenced by globalization, technological
advancements, and multinational corporations.
• Global supply chains and complex networks of
trade relationships.
• Issues such as sustainability, ethical
considerations, and global economic imbalances
become more pronounced.

7. Trade Facilitation:
•Definition: Trade facilitation involves the simplification,
harmonization, and standardization of international trade
procedures to make cross-border transactions more
efficient.
•Characteristics:
• Aims to reduce trade barriers and streamline
customs processes.
• Enhances the flow of goods and services across
borders.
• Involves the use of technology, such as electronic
documentation and automated customs clearance.