GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1) International Economics-Terms of Trade Study Material (Page 1 of 1)
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Terms of Trade
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Introduction
- The terms of international trade are concerned with the ways in which the countries exchange their respective goods. Since the times of David Ricardo and John Stuart Mill, considerable attention has been paid to the determination of terms of trade among the countries.
- The terms of trade are of immense interest for economists because of the following reasons: firstly, the terms of trade determine how the gains from trade are allocated among the trading countries. Secondly, the terms of trade have highly significant effect upon the position of balance of payments of the countries.
Concepts of Terms of Trade: Classification
Net Barter Terms of Trade
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