The balance of visible trade is the difference between the values of?`

Assessment: JAMB UTME - Economics - 1998 Subject: Economics

Question 1 Report

The balance of visible trade is the difference between the values of?`
Answer Details
The balance of visible trade is the difference between the values of goods that a country exports and the goods it imports. It only includes physical, tangible goods such as cars, machinery, and clothing, and not intangible services such as tourism, banking, or consulting. When a country exports more goods than it imports, it has a surplus in its balance of visible trade, and when it imports more than it exports, it has a deficit. This balance is an important measure of a country's economic performance and its position in the global market.
Read lesson note on International Trade And Balance Of Payments (WAEC)
Read lesson note on Economics As A Science (JAMB)
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