IGNOU IBO 6 2017 2018 - Distinguish between ‘Balance of Trade’ and Balance of Paym

Question

Distinguish between ‘Balance of Trade’ and Balance of Payments. Give illustration to support your answer.

29 Aug 2017

Answer :

Word Count : 381

Balance of Trade and Balance of Payments are two important concepts in international trade that measure a country's economic transactions with other countries. The main difference between the two is that the Balance of Trade refers to the difference between the value of a country's exports and imports of goods, while the Balance of Payments covers all economic transactions between a country and the rest of the world, including goods, services, and capital flows.

The Balance

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