Q5 of 12 Page 74

Write answers in short:

Explain the difference in types of balances of trade.

The difference in types of balances of trade can be defined in 3 ways as mentioned below.


(i) When the value of imports is more than the value of exports, it is called ‘unfavorable balance of trade.


(ii) When the value of exports is more than the value of imports, it is called ‘favourable balance of trade.


(iii) When the value of exports and imports is almost the same, it is called ‘balanced balance of trade’.


More from this chapter

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4

Identify and write the type of trade:

(A) Srushti brought sugar from the grocery shop.


(B) The traders from Surat bought cotton from the farmers of Maharashtra.


(C) Sameer has exported pomegranates from his farms to Australia.


(D) Sadabhau bought 10 sacks of wheat and 5 sacks of rice from Market Yard for selling in his own shop.

 5

Write answers in short:

Create a flowchart showing the types of trade.

 5

Write answers in short:

State the objectives of WTO.

 5

Write answers in short:

What is the difference between the OPEC and APEC in terms of their functions?