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Terms of Trade - part 1 and 2

Terms of Trade - part 1 and 2

A nation's terms of trade determine the value of its exports relative to the price of its imports. Using price indexes, a nation can calculate its terms of trade and analyze changes in it to determine whether imported goods are becoming relatively cheaper or more expensive compared to its exports.

Part 2 is found here: Terms of Trade - part 2 -...

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