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Question
Define "Trade surplus" and "Trade Deficit".
Solution
Exports of Goods and Services > Imports of Goods and Service ⇒ Trade Surplus
2. Trade Deficit: Trade deficit refers to the situation in which the export of goods and services falls short of the imports of goods and services of a country.
Exports of Goods and Services < Imports of Goods and Service ⇒ Trade Deficit
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