The following question are based on the following circular flow diagram:
-In the circular flow model,income to the household is,from the point of view of the firm that pays this income,the same things as
Definitions:
Export
Items or services transported from one nation to another with the intent of being sold or traded.
Import
The act of bringing goods or services into one country from another for the purpose of trade.
Trade Surplus
The difference between a nation's exports and imports when exports exceed imports.
Trade Deficit
A measure of international trade in which a country's imports exceed its exports.
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