Question

define the term balance of trade

Answer 1

The balance of trade is the difference between the value of a country's imports and exports for a given period. The balance of trade is the largest component of a country's balance of payments. Economists use the BOT to measure the relative strength of a country's economy.

Answer 2

the difference in value between the amount that a country buy from another country (imports) and the amount that it sells to them(exports).hope it helps. plz follow me and mark as brain list