3. Liflines of National Economy
Glossary (Liflines of National Economy)
1. Balance of Trade : Relation between Nation’s exports and imports.
2. Balance of Payment : It is a comprehensive record of economic transactions of the residents of a country with the rest of world during a given period of time.
3. Exports : When a nation sends its home manufactured products to outside countries these are called exports.
4. Foreign exchange : It is the exchange of currency of one country with the currency of another country.
5. Favourable balance of Trade : It is a situation in which value of export is more than imports.
6. Harbour : It is a deep cost of sea which provides shelters to the sea going vessels.
7. Golden quadrilateral : It is a network of roads which connects Delhi, Mumbai, chennai and Kolkata.
8. Imports : When citizen of a country consume the products of other countries these are known as imports.
9. International Trade : Trade carried between various nations to exchange their goods.
10. Mass communication : The means of communication through which one can communicate with several people at the same time.
11. National Highway : These are broad roads connecting many states and capitals.
12. Transport : It is an act of carrying goods or passengers from one place to another.
13. Unfavourable balance of Trade : It is a situation in which value of imports is more than exports.