differentiate between the balance of trade and balance of payment and explain the impact of different balance of trade condition?
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Whereas BOP records all the economic transactions performed by that country within a period. A major difference between BOP and BOT is regarding the records they keep. Balance of Trade only records the physical items. On the other hand, Balance of Payment records physical items along with non-physical items.
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Explanation:
⇒ 2πrh + 2πr^2 & 2π r(r+h)
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