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Trade involves the exchange of goods and services between individuals. Originally, barter involved direct exchange but money later developed as a medium of exchange to facilitate trade. Trade between two parties is bilateral, while trade between more than two is multilateral. Tariffs are taxes imposed on imported goods and raise their domestic prices, making them less competitive. Tariff-rate quotas combine import quotas and tariffs, allowing a certain amount of imports at lower tariffs but taxing amounts

Author

Muhammad Ali Goheer

Language

EN