International Trade and FOREX

F2017275017
Assignment: 4

Q.1 Difference between opputunity cost and economic cost?

Ans:
Oppurtunity Cost:
Opportunity costs are not restricted to monetary or financial costs: the
real cost of output forgone, lost time, pleasure or any other benefit that
provides utility should also be considered an opportunity cost.
Economic Cost:
Economic cost is the combination losses of any goods that have a value
attached to them by any one individual.

Q.2 What are Trade balance and Trade Patterns?

Ans:
Trade Balance:
The balance of trade, commercial balance, or net exports (sometimes
symbolized as NX), is the difference between the monetary value of a
nation's exports and imports over a certain time period.
Trade Pattern:
The pattern of world trade. It means how the countries trade
internationally. Trade is the exchange of goods and services between
countries. Goods bought into a country are called imports, and those sold
to another country are called exports.