9
Lesson 9 of 84 · Trade and Commerce
Free Trade and Tariffs
Trade is exchanging goods and services. No person, community, or country can produce everything they need, so trade allows everyone to benefit from specialization.
Key Facts
1
Money is a medium of exchange.
2
Needs are different from wants.
3
Supply and demand affect prices.
Check Your Understanding
Question 1
1 of 2What is trade?