Define balance of payments.
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The balance of payments is the record of all international trade and financial transactions made by a country's residents.
The balance of payments has three components. They are the current account, the financial account, and the capital account. The current account measures international trade, net income on investments, and direct payments. The financial account describes the change in international ownership of assets. The capital account includes any other financial transactions that don't affect the nation's economic output.
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Answer:It is an accounting statement that provides a systematic record of all the economic transaction between residents of the country from the rest of the world.
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