What you’ll learn to do: describe how nations measure global trade

In the same way that nations measure their own economic productivity, they use specific tools to measure their trade with other nations. In this section you’ll learn what some of those tools are and how they’re used.

The specific things you’ll learn in this section include:

• Differentiate between balance of trade and balance of payments
• Differentiate between trade deficits and trade surpluses
• Explain how countertrade contributes to the measure of global trade