What Is the Difference Between a Country's Export of Services

question 27

Essay

What is the difference between a country's export of services and its imports of services?

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Definitions:

Total Revenue

The overall revenue generated by a business through the sale of goods and offering of services within a set time period.

Purely Competitive Firm

A firm that operates in a market where there are many buyers and sellers, all products are identical, and there are no barriers to new firms entering the market.

Vertical Axis

The “up-down” or “north-south” measurement line on a graph or grid.

Marginal Revenue

The financial gain from disposing of one extra unit of a product or service.