trade deficits and surpluses
Trade deficits and surpluses refer to the imbalances between a country's imports and exports. A trade deficit occurs when a country's imports exceed its exports, resulting in the country spending more on foreign goods and services than it earns from selling its own goods and services abroad. On the other hand, a trade surplus occurs when a country's exports are greater than its imports, meaning the country is earning more from selling its goods and services to other countries than it is spending on foreign goods and services.
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Related Concepts (1)
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