Distinguish between gross barter terms of trade and commodity terms of trade
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Trade, on the other hand, is a broader concept that includes not just the barter system, but also, international trade, commodities trading, currency trading, etc. The main difference between barter and trade is that while barter trade does not involve money, other forms of trade occur with currency used as a medium of exchange.
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What is a gross barter system??
Answer- Gross Barter term of trade: It is explained as the ratio of imports of total physical quantities to the exports of total physical quantities of a country
Wht is commodity terms of trade??
Answer-It is explained as the ratio of the price of exported goods to the price of imported goods of a country
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