Q(viii). What is meant by balance of trade and balance of payment?

Ans: Difference between balance of trade and balance of payment:

 basis for comparison balance of trade balance of payment
Meaning Balance of trade is a statement that capature the country export and import of goods with the remaining world Balance of Payment is a statement that keep track of all economic transaction done by the country with the remaining world
Record s Transactions related to good only Transaction related to both goods and services are recorde
Capital transfer Are not include in the blance of trade Are include in balance of payment
Which is better It gives a partial view of the country economice status Its gives a clear view of the economic position of the country
Result It can be Favorable Unfavorable or balanced Both the receipts and payment sides tallies
Component It is a component of Current Acount of Balance of Payment Current Account and capital account

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