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Terms of Trade - TOT

What are 'Terms of Trade - TOT'?

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BREAKING DOWN 'Terms of Trade - TOT'
Terms of trade

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Terms of trade represent the ratio between a country's export prices and its import prices and are used as a measure of a nation's economic health.

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The terms of trade measures the rate of exchange of one product for another when two countries trade. A-level economics analysis on the terms of trade - revision video David Ricardo's theory of comparative advantage explains that if countries specialise in the production of the good/service in which.

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In economics, terms of trade (TOT) refer to the relationship between how much money a country pays for its imports and how much it brings in from exports. When the price of a country's exports. Terms of trade. A country’s terms of trade measures a country’s export prices in relation to its import prices, and is expressed as: For example, if, over a given period, the index of export prices rises by 10% and the index of import prices rises by 5%, the terms of trade are: This means that the terms of trade have improved by %.

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By terms of trade, is meant terms or rates at which the products of one country are exchanged for the products of the other. It is known to us that every country has got its own money. The currency of one country is not legal tender in the other country. Definition: The Terms of Trade is the average price of exports / by the average price of imports. It is a measure of a countries relative competitiveness. If a currency falls in value, then we would expect to see an increase in the price of imports. (You would need to pay more in Pound Sterling to.