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# Wholesale Trade

## Definition

The sale of goods in large quantities to retailers or other businesses rather than directly to consumers, which Smith notes typically offers lower apparent profits than retail trade but represents more purely the returns to capital investment.

## Source Chapter

Book I, Chapter 10

## Context

Smith contrasts wholesale with retail trade to illustrate how profit differentials across employments often reflect differences in the nature of the work rather than pure returns to capital. He argues that wholesale merchants earn more modest but more genuine profits on their stock investments.

## Economic Domain

Exchange

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