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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

What is the difference between balance of trade and balance of payments?

Summary Introduction

To determine: The difference over balance of trade and balance of payment.

Introduction: Balance of trade is a declaration that catches the nation's import and export of products with the rest of the world. Balance of Payment is a declaration that monitors every single monetary trading activity done by the nation with the rest of the world.

Explanation

The difference over balance of trade and balance of payment is as follows:

A country's balance of trade is the aggregate estimation of its exports subtracted to the aggregate estimation of its imports over some timeframe...

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