Trade between two or more than two countries is known as ________.a.External Tradeb.International Tradec.Unilateral Traded.Internal Business

Break Down the Problem

1. Identify the definitions of the terms related to trade.
2. Determine which term best describes trade between two or more countries.

Relevant Concepts

• External Trade: Typically refers to trade involving parties outside a specific country's borders.
• International Trade: Involves trade between two or more nations, encompassing imports and exports of goods and services.
• Unilateral Trade: Often refers to a trade policy where one country makes concessions without reciprocation from another country.
• Internal Business: Relates to trade and commerce that occurs within a single country.

Analysis and Detail

• External Trade and International Trade are often interchanged but International Trade specifically refers to cross-border trade between nations.
• Unilateral Trade is not a commonly used term for trade involving multiple countries.
• Internal Business does not pertain to multiple nations.

Verify and Summarize

Reviewing each option:

• A. External Trade: Partially correct but not specific to multiple countries.
• B. International Trade: Correct definition for trade involving two or more countries.
• C. Unilateral Trade: Incorrect for the context.
• D. Internal Business: Incorrect as it doesn't involve multiple countries.

Final Answer

The correct answer is b. International Trade.