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3 years ago

How does imports, exports and balance of trade relate

Business

1 answer:

skelet666 [1.2K]3 years ago

6 0

Answer:

See explanation section

Explanation:

Export - When a country ships its domestic products (Goods and Services) to another country, after meeting the demand of the domestic people, for processing, using, and selling those, the term refers to export.

Import - When a country brings other countries' products in order to fulfill the demand of its population, it is coined as an import.

Balance of Trade - When there is a difference between the country's net monetary value of exports and imports, it is called the balance of trade. If export exceeds the import, there will be a trade surplus. On the other hand, when import exceeds the export, there will be a trade deficit.

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3 years ago

3. Definition of economic costs Felix lives in Miami and runs a business that sells boats. In an average year, he receives $851,

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Answer:

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3 years ago

How does imports, exports and balance of trade relate​

How does imports, exports and balance of trade relate