ECONOMICS
BALANCE OF TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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imports
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exports
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Either A or B
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None of the above
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Detailed explanation-1: -In macroeconomics, trade usually refers to international trade, the system of exports and imports that connects the global economy. A product sold to the global market is an export, and a product bought from the global market is an import.
Detailed explanation-2: -An export is a good that is produced domestically but sold to a consumer overseas.
Detailed explanation-3: -Domestic exports consist of the exports of all goods grown, produced, extracted or manufactured in Canada or the United States, leaving the country, through customs, for a foreign destination. Exports of imported merchandise which has been substantially enhanced in value are also included.
Detailed explanation-4: -Foreign trade refers to the exchange of goods and services between different countries. It comprises both imports and exports.