Understanding the Terms of Trade of a Country: Factors and Implications

The video tutorial explains the concept of terms of trade, its importance in international trade, and how it reflects a country's economic competitiveness. It covers the theory of comparative advantage, factors influencing terms of trade, and how changes in terms of trade affect living standards. The tutorial also provides guidance on calculating terms of trade and discusses its application in economic analysis.

What new insight or understanding did you gain from this video?