Tag: trade and trade organisations

Primary products are the products which are used in raw form ,which are not manufactured. Hence cereal, cotton and fruits are in raw form i.e they are produced by earth.

Trade occurs because of surplus of goods in one place. A trade surplus is an economic measure of a positive balance of trade, where a country's exports exceed its imports. 

• Domestic trade is also known as internal trade or home trade. It is the exchange of domestic goods within the boundaries of a country. 

• Bilateral trade is an exchange of commodities exclusively between two countries.

Trade may be defined as "an exchange of goods and commodities either within the country or between countries." In simple terms, buying and selling of commodities is called trade and it may be local, regional, national and international.

The most widely accepted theory for why the Middle East is loaded with oil is that the region was not always a vast desert. Scientists say that 100 million years ago this area was instead a massive body of water known as the “Tethys Ocean.” Rivers that fed into this ocean were loaded with nutrients, which lead to conditions that were conducive for a diverse variety of microscopic life to materialize in the water.

These conditions resulted in billions and billions of minuscule marine creatures swimming about. Algae, bacteria, and whatever else nature came up with eventually accumulated on the ocean floor in thick layers that grew to be miles deep. As more layers formed on top of these over time, the lower parts were compressed. Those compressed aquatic corpses transformed into oil. The oil was captured in place on the seabed by thick layers of salt.

As the land in the modern Middle East region rose due to tectonic activity, the Tethys Ocean receded. What remained in its place was the sandy, dry Middle Eastern desert. But deep under the sand, the oily remains of billions of microscopic lifeforms still lie buried. Today, we suck these remains to the surface and use them.

• Switzerland is known to have dominated the watch market for years. 
  
• With a reputation for renowned craftsmanship, brands such as Rolex have ensured their timepieces remain the last word in elegance and style.