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Tag - Balance of Payments in Economics

Balance of Payments in Economics

The Balance of Payments Accounts, which are a part of the country’s national income accounts, are the country’s international transactions. The balance of payments contains the information about how the balance of payments accounts are constructed. Modern economies have become open economies with virtually no exceptions. This means that they engage in international trade of goods and services and in international borrowing and lending. Economic openness is of tremendous benefit to the average person. Because the United States is an [...]