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Summary AS Notes Economics Unit 2 Balance of Payments
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AS Notes Economics Unit 2 Balance of Payments Revision Notes
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Balance of paymentsmeasures all the currency flows in and out of an economy with the
rest of the world over a particular period oftime
Three main accounts
Current account
part of the balance of payments account where payments for the purchase
and sale of goods and services are recorded
Are visible and invisible
Made up of 4 parts
Trade in goods visible
Trade in services invisibles
Investment in net income
flows primary income
A record of a country's income from investments abroad minus the income made by
foreign based firms in the UK
ex profits dividents interest income transferred by migrants
Current transfers
Membership fees paid by thegovernment ex EU money paid to worldbank
Overseas Development Assistance Aid ex subsidies
Earnings from abroad sent back home
visible Trade in goods ex computers cars
invisibles Trade in services ex bankingoverseasstudentsonline tourism
Trade in goods balance exports of goods imports of goods
Trade in services balance exports
of services imports of services
Balance of trade visible exports visible imports
Trade in goods and services balance Trade in goods balance trade in services balance
Current account balance
Exports of goods and services Net income Imports of goodsand services Netcurrenttransfer
current balance
Balance of trade 1 Balance of invisible Net income flow and current transfers
Net income flows primary income Profits Dividents Interest Income transferred
by
migrants
Transfers 1Secondary income Payment bythe government to EU World bank
Foreign aid to developing countries
credits bringing money into the country
Debit money leaving the country
current account surplus current account deficit
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