Explain the various concepts of terms of trade. Critically examine the behavior of terms of trade as explained by Prebisch

The concept of terms of trade refers to the ratio at which a country's exports are exchanged for imports. It represents the relative prices of a country's exports and imports and is an important indicator of a country's economic performance in international trade. There are several concepts related to terms of trade, and one notable perspective is that of Raul Prebisch, an Argentine economist who proposed the Prebisch-Singer hypothesis. Let's explore the various concepts of terms of trade and critically examine Prebisch's explanation of their behavior.

1. Gross Terms of Trade:
   Gross terms of trade refer to the ratio between the prices of a country's exports and its imports. If the ratio increases, it implies that the country can purchase a larger quantity of imports for a given quantity of exports, indicating a favorable terms of trade. Conversely, a decrease in the ratio implies a deterioration in terms of trade.

2. Net Terms of Trade:
   Net terms of trade take into account changes in the volume of trade as well. It considers the quantity of imports that can be obtained for a given quantity of exports. It is calculated by adjusting the gross terms of trade for changes in export and import volumes. Net terms of trade provide a more comprehensive measure of a country's _____ _________ _______ _____ _________ _________ _____ _____ ____ _______ _______.
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