Define balance of trade and its relation to trade surplus and trade deficit.

Name: Define balance of trade and its relation to trade surplus and trade deficit.
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The Answer is A nation's balance of trade is the difference between its exports and imports.If a country exports more than it imports,it achieves a positive balance of trade,called a trade surplus.If it imports more than it exports,it produces a negative balance of trade,called a trade deficit.

Define Balance of Trade and Its Relation to Trade Surplus