6 terms

Balance of Trade

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exports
goods and services one country sells to another country
imports
goods and services one country buys from another country
balance of trade
measure of goods (not services) one country buys and sells with other countries
trade defecit
unfavorable balance of trade; imports>exports
trade surplus
favorable balance of trade; exports>imports
Balance of Payment
More comprehensive than balance of trade; bookkeeping record of all international transactions a country makes in a year. not only imports but also services like transportation, travel, investment, payments such as interest and currency transactions between nations
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