ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When people sold more goods than what they bought
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When people bought more goods than they sold
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When merchants traded scales
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When trading found its inner piece
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Detailed explanation-1: -If the exports of a country exceed its imports, the country is said to have a favourable balance of trade, or a trade surplus.
Detailed explanation-2: -A “favorable” balance of trade is one in which the value of domestic goods exported exceeds the value of foreign goods imported.
Detailed explanation-3: -If exports exceed imports then the country has a trade surplus and the trade balance is said to be positive.
Detailed explanation-4: -A trade surplus is an economic measure of a positive balance of trade, where a country’s exports exceed its imports. It is the opposite of a trade deficit.
Detailed explanation-5: -The difference between the value of imports and the value of exports of a country in a specific period of time is called the balance of trade. When exports are greater than imports, it is known as a favourable balance of trade.