1 Nov 2021
Problem 13
Page 574
Section SELF: CHECK QUESTIONS
Chapter 23: The International Trade and Capital Flows
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1 Nov 2021
Introduction
A trade deficit is a circumstance in which a nation's trade flows are out of balance. A trade deficit exists when the worth of a nation's imports surpasses the export earnings. A trade surplus occurs when the value of a nation's exports is greater than the value of its imports. Commerce deficits and surplus can be calculated in terms of international trade between countries or global trade among one country and the rest of the globe.
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