Economics Balance Of Trade Questions
Visible trade refers to the exchange of physical goods between countries, such as machinery, vehicles, and consumer products. It involves the import and export of tangible products that can be seen and touched.
On the other hand, invisible trade refers to the exchange of services between countries, such as tourism, banking, insurance, and consulting. It involves the import and export of intangible services that cannot be physically seen or touched.
In summary, the main difference between visible and invisible trade lies in the nature of the goods or services being exchanged. Visible trade involves physical goods, while invisible trade involves intangible services.