Define the following terms:(i) Trade (ii) International Trade (iii) Fa

1.	Define the following terms:(i) Trade (ii) International Trade (iii) Favourable Balance of Trade (iv) Unfavourable Balance of Trade
Answer» (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.

Define the following terms:(i) Trade (ii) International Trade (iii) Favourable Balance of Trade (iv) Unfavourable Balance of Trade

Answer»

(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.