Question

Which is considered as economic barometer of a country? Explain the ways in which the balance of trade affects the economy of a country.

Answer 1

international trade is considered as economic barometer.

• trade helps in providing people with choices of various products in the market
• trade also helps in giving people a standard of living
• trade helps in the rapid integration and interconnection of people from  different countries
• trade helps in the exchange of not only goods but also of ideas,culture and tradition