Trade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services.

-Storing raw materials awaiting process

-Storing finished goods awaiting sale

-Delivering equipement and raw materials to industries

-Delivering finished goods to local and international markets

-By informing the members of public on the avaliability of goods and services on the market

-By spreading awareness on matters of public intrest

-Finances the traders by means of loans and overdrafts

-Safe-guards the traders money and other valuables

-Protects traders agaisnt finicial losses resulting from either fire, theft

-In terms of life assurance, it provides a saving plan to surviving dependants 

Goods and services that we require but can still survive without them

Ex. Cell phone, T.V, Radio, Computer, Car

Goods and Services we require in order to survive. Without these we would eventually die.

Ex. Food, Shelter, Clothes

-Leads to mass production of goods and services

-Allows individual to choose by themselves what they can do best

-Training is quicker as jobs are easy to learn

-Every workers ability is made use of

-The use of machines may lead to loss of employment

-Workers become bored due to repetiton

-Individual crafts and skills are lost due to the use of machines

Extraction of raw materials the way nature provided them

Ex. Mining of minerals from ground, Fishing, Lumbering

Processing of raw materials into finished or semi-finished goods. Involves manufacturing and construction industry.

Ex. Baking

Distrubution of goods and services to areas where they are needed, with the help of commerce

Ex. Doctors, Nurses, Teachers, Lawyers, The Police

An organization or economic system where goods and services are exchanged for one another or for money.