Can someone please explain what intra-area and extra-area trade is? I have an exam and I don’t understand
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The prefix “intra-“ means “within,” while the prefix “extra-“ means “beyond.” Taking this, “intra-area” trade is trade that only occurs within an area (a city, a country, an economic bloc), while “extra-area” trade only happens outside that area.
These are ignoring the trade that happens between the area and the outside, which would use the prefix “inter-“ to mean “between.”
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