Define the following terms: (i) Trade (ii) International Trade (iii) Favourable Balance of Trade (iv) Unfavourable Balance of Trade
Define the following terms:
(i) Trade
(ii) International Trade
(iii) Favourable Balance of Trade
(iv) Unfavourable Balance of Trade
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(i) The exchange of goods among people, states and countries are referred to as a trade.
(ii) Trade between two countries is called international trade.
(iii) When the value of expert exceeds the value of imports, it is called a favourable balance of trade.
(iv) When the value of imports exceeds the value of exports, it is termed as the unfavourable balance of Trade.
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