I WILL BRAINLIST Explain the three ways a nation could achieve a favorable balance of trade?

The Balance of Trade is the difference in value between what a nation imports and exports over a period of time. One approach to a favorable balance of trade includes reducing the amount of goods imported from other countries by placing tariffs, or import taxes, on those goods. Another approach was to encourage exports that could sell for high prices. A third approach was to control overseas sources of raw materials and precious metals.

1.When the value of export exceeds the value of imports, it is called a favourable balance of trade.

2.Have imports of intermediate and final goods.

3.A trade deficit is beneficial in the short-term for countries that must import heavily as an investment in economic development.

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