Question

What is the difference between Balance of Trade and Balance of Payments​

Answer 1

Answer:

balance means rupees you have or not for trade

Answer 2

Required Answer:

☑The balance of trade is the difference between exports of goods and imports of goods.

☑The balance of payments is the difference between the inflow of foreign exchange and the outflow of foreign exchange.

☑The net effect of balance of trade is either positive, negative or zero.