Explain the meaning and significance of the following terms as used in foreign trade.
-Terms of trade
-Balance of payment
-Exchange rate
-Common market

Answer:

-Terms of trade:the rate at which exports of one country exchanges with imports. ToT= price index of exports determines whether the trade between one country and another is favourable
-Balance of payment: The difference between both capital and current exports and imports of a country. The difference between the total receipts from other countries and total payments to other countries. If the value of exports is higher, the country experiences a surplus and vice versa. It determines whether a country is experiencing
surplus in or deficits in her international trade.
-Exchange rate: The rate at which a country

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-Terms of trade
-Balance of payment
-Exchange rate
-Common market