【正文】
Offer Curves, and the Terms of Trade ? The Equilibrium Relative Commodity Price with Trade : Partial Equilibrium Analysis ? Offer Curves ? The Equilibrium Relative Commodity Price with Trade: General Equilibrium Analysis ? Relationship Between General and Partial Equilibrium Analyses ? The Terms of Trade 2020/9/15 The Terms of Trade ? Terms of trade (TOT) of a nation are defined as the ratio of the price of its export modity to the price of its import modity. ? TOT of a nation are given by the ratio of the price index of its exports to the price index of its imports. ? Commodity or barter terms of trade = PX/PM 2020/9/15 2020/9/15