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 ▸How do interest rate changes affect economic growth?
Why are subsidies a more efficient way of reducing prices than price ceilings are?
With reference to a poverty trap (poverty cycle), explain how “investing in human development is crucial to ... reducing poverty”
Explain why food is price inelastic.