Explain the factors on which the international trade depends. Give example.
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A country's balance of trade is defined by its net exports (exports minus imports) and is thus influenced by all the factors that affect international trade. These include factor endowments and productivity, trade policy, exchange rates, foreign currency reserves, inflation, and demand.
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The terms of trade of a country depend upon reciprocal demand, i.e. “the strength and elasticity of each country's demand for the other country's product”. ...
Changes in Factor Endowments: ...
Changes in Technology: ...
Changes in Tastes: ...
Economic Growth: ...
Tariff: ...
Devaluation:
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