Search results
Results From The WOW.Com Content Network
Balance of trade is the difference between the monetary value of a nation's exports and imports over a certain time period. [1] Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance ...
Colbert's idea was a "favorable balance of trade" in which goods were exported for gold, versus an "unfavorable balance of trade" in which gold would flow out of the country. Colbert also intended to get rid of internal tariffs, and to tax the nobility, but failed.
Mercantilism focused on how this trade could best aid the states. Another important change was the introduction of double-entry bookkeeping and modern accounting. This accounting made extremely clear the inflow and outflow of trade, contributing to the close scrutiny given to the balance of trade. [45]
John Cary (1649–1722?) was a prominent Bristol merchant and writer on matters regarding trade during the eighteenth century. Cary has been heralded as a pioneer in establishing economics as a separate field of "scientific" inquiry, a proponent of a "favorable balance of trade", and an objector to the idea that low wages were desirable.
It is defined as the sum of the balance of trade (goods and services exports minus imports), net income from abroad, and net current transfers. A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world.
A trade deficit occurs when a country imports more than it exports — and that’s a good thing for a national economy.Or a terrible thing. Or it might not matter one way or the other. Trade ...
Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
Country foreign exchange reserves minus external debt. In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world.