Terms of trade refers to?

Assessment: WAEC SSCE - Commerce - 1995 (Objective) Subject: Commerce

Question 1 Report

Terms of trade refers to?
Answer Details
Terms of trade refer to the relationship between the prices of a country's exports and imports. It is the ratio of the price index of a country's exports to the price index of its imports. In simpler terms, it is the value of a country's exports compared to its imports. A country's terms of trade can affect its economy and trade balance, as well as its ability to pay for imports with exports.
Read lesson note on Trade (WAEC)
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