Question

what is meant by balance of payment​

Answer 1

Answer:

Balance Of Payments :

Balance of payments is a summary record of a country's monetary transactions with the rest of the world in a year. It includes invisible items and visible items.

Balance of payments has 2 main accounts :

1 - Current account

2 - Capital account

Answer 2

The balance of payments tracks international transactions. When funds go into a country, a credit is added to the balance of payments (“BOP”).

For example, when a country exports 20 shiny red convertibles to another country, a credit is made in the balance of payments.

Hope it helps.