Question

define balance of trade.distinguish between the two forms of balance of trade .

Answer 1

Trade means the buying and selling of goods and services.
LOCAL TRADE: Trade within the geographical boundary of a country.
INTERNATIONAL TRADE:It refers to trade between two or more countries.

Answer 2

✨• WHAT IS MEANT BY TRADE?

Answer : The exchange of goods among people, states and countries is referred to as “Trade”.

✨• WHAT ARE THE TWO COMPONENTS OF TRADE?

Answer : “Export” and “Import” are the two components of trade.

____________________________
........................................................................

✨✔️✔️HERE IS YOUR ANSWER....

Balance Of Trade of a country is the difference between its exports and imports.

• Favourable Balance Of Trade :-
When the value of exports exceeds the value of imports. It is called Favourable balance of trade.

• Unfavorable Balance Of Trade :-
When the value of imports exceeds the value of exports. It is called Unfavorable Balance Of Trade.

✨✔️✔️HOPE IT HELPS YOU...
✌❤✌