I need a discussion response to my peers discussion post please. See below Trade

Question

I need a discussion response to my peers discussion post please. See below

Trade is "a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods and services between parties" (Investopedia, n.d). Countries have become very dependent on trade in almost all industries. Nations would be heavily affected if all trade with one another were cutoff.

Here is a list of products that might not be able to be obtained any longer if trade were cutoff:

US: cars, prescription drugs, oil, gas, furniture, gold, cell phones, computers, vehicle parts, certain foods, some clothing brands, and more.
Curacao: boats, petroleum, jewelry, beer, bandages, aluminum housewares, cloth articles, centrifuges, wheat flours and more. (OEC, n.d).

Word Count: 154

References:

Investopedia. (n.d). What is Trade? Retrieved June 10, 2018, from: https://www.investopedia.com/terms/t/trade.asp

OEC. (n.d). What Does Curacao Import. Retrieved June 10, 2018, from: https://atlas.media.mit.edu/en/visualize/stacked/hs92/import/cuw/all/show/1995.2016/

Explanation / Answer

International trade is a means of increasing revenues for the domestic firms and benefits the countries with an abundance of production of certain goods economically by selling them to foreign countries where there is a shortage of supply. As each of the countries have their own resources and capabilities, there is always a scope for trade to happen where a country exports certain goods to other countries where there is a demand but no supply or imports goods from other countries when the domestic country has a shortage of certain goods. Hence, if trade is cutoff, the people across countries lack accesss to various goods some of which are highly essential on a daily basis. It might also lead to monopoly in the domestic market.

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