The relationship between all imports and exports of a country is known as

Assessment: WAEC SSCE - Commerce - 2012 (Objective) Subject: Commerce

Question 1 Report

The relationship between all imports and exports of a country is known as

Answer Details
The relationship between all imports and exports of a country is known as balance of trade. It is the difference between the total value of a country's imports and exports over a certain period of time. If the value of exports exceeds imports, it is called a trade surplus, while if the value of imports exceeds exports, it is called a trade deficit. The balance of trade is an important indicator of a country's economic health and its ability to compete in international markets.
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Read lesson note on Commerce (JAMB)
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