FIRST CONTACTS 28000 BCE 1821 CE
THE COLUMBIAN EXCHANGE
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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: -A favorable balance of trade, also known as a trade surplus, occurs when a country exports more goods than it imports. This means that the country is earning more from its exports than it is spending on its imports, and it is generally seen as a sign of economic strength.
Detailed explanation-2: -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.
Detailed explanation-3: -If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance.
Detailed explanation-4: -Unfavorable balance of trade is a situation where a country has trade deficits. This means that a nation is importing more goods and services than it exports. Effect of an unfavorable balance of trade to the economy of a country.