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 might the Bank of England raise the bank rate if inflation rises above 2%?
Bill's Diner is an American burger restaurant. There is an increase in import costs of products needed from America, and change in perceptions of fast food such as burgers, due to an increase in health warnings. Discuss the effects on the market. (6)
Explain one possible effect on the equilibrium market price of an increase in production costs for firms. (2 marks)
Define Price Elasticity of Demand (PED) and explain what inelastic PED means for a good.