Question

Explain economic transaction​

Answer 1

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Economic transactions refer to those transactions which involve transfer of the title or ownership of goods, services, money and assets. They are broadly categorised as: 1) Visible items: These include all types of physical goods which are exported and imported. These are called visible items as they are made of some matter or material and can be seen, touched and measured. The movement of such items is open and can be verified by the custom officials. 2) Invisible Items: Invisible items of trade refer to all types of services like shipping, banking, insurance,etc, which are given and received. These are called invisible items as they cannot be seen, felt, touched or measured. 3) Unilateral Transfers: Unilateral transfers include gifts, personal remittances and other one-way transactions. Since, these transactions do not involve any claim for repayment, they are also known as unrequited transfers. 4) Capital Transfers: These relate to capital receipts and capital payments.

Answer 2

Answer:

transfer of goods,the rendering of services,and transfer of money and other investments between residents of one country and residents of another country

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