Trade practice refers to any customary method or system related to buying, selling, or exchanging goods or services between individuals or groups. It involves activities such as bartering, marketplaces, or trade routes.
Related terms
Mercantilism: An economic theory prevalent in Europe during the 16th to 18th centuries, emphasizing government control of foreign trade to increase national wealth.
Silk Road: A network of ancient trade routes connecting East Asia with Europe and Africa, facilitating cultural exchange and commerce.
Triangular trade: A historical trade pattern between Europe, Africa, and the Americas involving the exchange of goods, slaves, and resources.