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- Balance of trade is the difference in value between a country's imports and exports over a period of time.
- What is balance of trade?
- Another example is that the United States has an unfavorable balance with France, which means the US takes in less money from sales to France than France takes in from sales to the US.
- Yes! For example, the United States has a favorable balance with Australia that means it takes in more money from sales to Australia than Australia takes from sales to the United States.
- I am still confused on what it is, so can you give me some examples please?
- Some benefits of balance of trade are that it improves standards of living, overcomes scarcity of goods and services, variety of products, and lesser risk of inflation. This might be used because a country might need more money, so they start giving away products from their country that no one buys to other countries that might like them.
- Great! Thank you! Can you just tell me some of the benefits of this an why it might be used.
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