A Favourable Balance of Trade Occurs When the Value of a Country's

question 214

True/False

A favourable balance of trade occurs when the value of a country's imports exceeds the value of its exports.

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Definitions:

Income Distribution

The way in which total income is shared among individuals or groups of people in an economy.

Economic Pie

A metaphorical representation of the total amount of wealth or resources available within an economy, with its distribution among individuals or groups being a central economic concern.

Productive Resources

Inputs used in the production of goods and services, including land, labor, capital, and entrepreneurship.