Exports and Imports

Gap-fill exercise

  
Fill in all the gaps, then press "Check" to check your answers. Use the "Hint" button to get a free letter if an answer is giving you trouble. Note that you will lose points if you ask for hints! You are alloted 3 minutes to complete this excercise.
   Balance of trade      exports      favourable      imports      Invisible      invisible exports      invisible imports      payments      unfavourable      visible   
The goods and services sold to other countries are known as . An export is represented by a flow of money coming into the country. Goods and serices bought from other countries are known as . An import represents flow of money leaving the country. All exports which can be seen, touched or weighed such as oil, machinery etc. are termed as exports. All imports which can be seen, touched or weighted are known as visible . measures the difference between value of visible exports and visible imports. If the visible imports is more than the visible exports then there is balance of trade. A balance of trade is when the visible exports is more than the visible imports.
trade involves the exchange of services such as insurance, banking and tourism which cannot be seen or touched. Paying for a foreign holiday is an example of whereas if a person invests in a foreign country and earns income from there is an example of .
The balance of shows all the payments and receipts between one country and all the other countries it trades.