Social Sciences and History / Unit 15 SSH 1405 short lesson, about 20 seconds
Level of Trade Against Balance of Trade
Captions available
The idea
The level of trade is exports as a percentage of GDP; the balance of trade is the dollar difference between exports and imports. Small economies with nearby partners and a trading history have high levels of trade; large economies with few neighbors trade less.
In practice
Open yet balanced; closed yet in deficit.
Where people slip
Level depends on history, geography and size.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
Unlocks
- Nothing yet depends on this.
Something wrong in this lesson? Flag it