JAMB - Commerce (2022 - No. 54)
The difference between a country's imports and exports of goods in a particular year is
terms of trade
terms of payment
balance of payment
balance of trade
Εξήγηση
Balance of payment refers to the difference between a country's payment for visible and invisible exports and imports. If exports payments exceeds import payments, then it is a favorable balaace of payment and vice-versa