What is meant by balance of trade
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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. The balance of trade is also referred to as the trade balance or the international trade balance.
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✨• WHAT IS MEANT BY TRADE?
Answer : 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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✨✔️✔️HERE IS YOUR ANSWER....
Balance Of Trade of a country is the difference between its exports and imports.
Two forms of balance of trade are :-
• 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.
✨✔️✔️HOPE IT HELPS YOU...
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Answer : 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.
____________________________
........................................................................
✨✔️✔️HERE IS YOUR ANSWER....
Balance Of Trade of a country is the difference between its exports and imports.
Two forms of balance of trade are :-
• 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.
✨✔️✔️HOPE IT HELPS YOU...
✌❤✌
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