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Section 6 explains the difference between the level of trade and trade balance. The level of trade indicates how much of a nation's GDP consists
Section 6 explains the difference between the level of trade and trade balance. The level of trade indicates how much of a nation's GDP consists of exports and imports, while the trade balance tells us how much a country imports compared to its exports. For this discussion, your task is to:
1. Explain how these two measures work together and how (if taken out of context) we may be misled about the state of the economy on the global market.
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