Explain what a balance of trade deficit is
This question simply requires knowledge of a definition but can be quite technical and requires the correct terminology. Specifically this is when the overall value of exports is less than the overall value of imports from and into a country. It is quite easy to mix up words and accicently define a current account deficit and this must be avoided.
MO
Related Economics GCSE answers
All answers ▸Why is the demand curve downward sloping
Please explain the concept of price elasticity of demand
A football club raises all stadium seat prices by 5%. The demand for seats falls by 1% in zone W, by 3% in zone X, by 5% in zone Y and by 6% in zone Z. In which zone is the responsiveness of demand for seats to the price change elastic?
What is the difference between a contractionary and expansionary fiscal policy?