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What are the Important Elements of International Trade In this piece of work I am going to discuss the important elements or factors of international trade. Firstly, let's start with the elements of international trade. They are; * Balance of payments * Visible trade * Invisible trade * Trade gap * Correcting a deficit * Exchange rates * Why countries trade? * Adam Smith (The man who came up with the theory) * Who Britain trade with I will first start with Balance of Payments and explain what this term means. Firstly, the purpose of the balance of payments is to record all of the financial dealings with foreigners. The balance of payments is made up of 3 things; invisibles, visibles, and the current account. The current account shows the income and expenditure for the UK over a period of time. The UK's income is the money received from exports of visibles (goods) and invisibles (services). Its expenditure I the money...

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