Explain the terms trade and the balance of trade, Microeconomics

Assignment Help:

Distinguish between the terms of trade and the balance of trade.

Basic explanation of the terms of trade as the average price of exports in relation to the average price of imports - and exemplifying using some form of export and import basket. The balance of trade is explained as the total export revenue minus total import spending (in the visible trade account).

 


Related Discussions:- Explain the terms trade and the balance of trade

Rational producer, would a rational producer be concerned with the average ...

would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?

Marginal utility, prove that marginal utility of x=the price of commodity ...

prove that marginal utility of x=the price of commodity x.

Short run, critically evaluate the two main utility theories

critically evaluate the two main utility theories

Microeconomics, when the demand function is 2q-24+3p=0,find marginal revenu...

when the demand function is 2q-24+3p=0,find marginal revenue when q=3

Define about mutual fund, Q. Define about Mutual Fund? Mutual Fund: A f...

Q. Define about Mutual Fund? Mutual Fund: A financial vehicle that involves pooling investments in the shares of many different joint stock (or publicly traded) companies, in o

What do you mean by externality, Q. What do you mean by Externality? An...

Q. What do you mean by Externality? An externality exists when the actions of one individual affect the wellbeing of other individuals without any compensation taking place. F

Estimating and predicting cost, Estimating and Predicting Cost * Estima...

Estimating and Predicting Cost * Estimates of future costs can be obtained from a cost function, which relates cost of production to level of output and other variables which t

Ricardo theory of intrnational trade, Meaning of absolute cost difference a...

Meaning of absolute cost difference and comparative cost difference.

Endowendowment, How to solve questions of endowments?

How to solve questions of endowments?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd