Final answer:
Barter trade refers to international trade that involves the direct exchange of goods or services without the use of currency. It is differentiated from modern global trade, which typically uses currency and is measured through the balance of trade and the level of trade based on a country's GDP.
Step-by-step explanation:
The type of international trade that involves the barter of products for products rather than currency is referred to as barter trade. In contrast to the more widespread trade practices that rely on currency as a medium of exchange, barter trade allows two parties to exchange goods or services directly without the need for money. This form of trade can be advantageous in situations where currency exchange is difficult or in economies where cash flow is limited.
However, barter trade is less common in modern times because it requires a double coincidence of wants, meaning that each party needs to have what the other wants and vice versa, which is less likely in a complex global economy. Instead, most international trade is measured by the balance of trade, which is the difference between a country's exports and imports, and involves currency. The level of trade, which refers to the percentage of exports out of GDP, can vary based on the country's size, geographic location, and trade history.