Question

Define the following terms.
(a) Trade (b) International Trade (c) Favourable Balance of Trade

Answer 1

Answer:

here is your answer

Explanation:

a. trade- Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties. Trade can take place within an economy between producers and consumers.

b. international trade- International trade is the exchange of capital, goods, and services across international borders or territories.

In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries.

c. favourable balance of trade- Favorable balance of trade is a positive situation where a country exports more goods and services than what it imports. It is an economic term that refers to the existence of a surplus in the nation’s balance of trade.