Trade means buying and selling of commodities and services with the objective of making profit. Mankind is engaged in trading, in one form or the other, since ancient days. The importance of trade in these times has gone up as new products are being developed daily and are being made obtainable for consumption globally. No individual or country can demand to be self-sufficient in producing all the commodities and services needed for it. Thus, everyone is occupied in producing the best suited to produce and exchanging the excess produce with rest of the people. On the basis of geographical localities of buyers and vendors, trade can broadly be organized into two groups
- Internal trade; and
- External trade.