Balance of Trade: The balance of trade represents the difference between the value of a country's exports and the value of its imports. It can be positive (trade surplus) or negative (trade deficit).
Current Account: The current account is part of an economy's balance of payments and includes all transactions related to goods, services, income, and transfers with foreign countries.
Comparative Advantage: Comparative advantage refers to a situation where one country can produce a good or service at lower opportunity cost compared to another country. This concept plays a crucial role in determining international trade patterns.