define trade. what are favourable and unfavourable balance of trade
Answers
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.
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(•) Balance Of Trade :- The balance of trade of a country is the difference between it's 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.
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Answer:
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.
Favorable 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.
Unfavorable Balance of Trade:
The difference between the value of a country's exports and the value of its imports such that imports exceed exports. Analysts disagree on the impact, if any, of an unfavorable balance of trade on the economy. ... An unfavorable balance of trade is also called a trade deficit