How do balance of trade, balance on current account, and balance of payments differ?

What will be an ideal response?

Balance of trade refers to the difference between a nation’s merchandise exports and its merchandise imports over a given period of time. Balance on current account includes the balance of trade and also includes services, investment income, and unilateral transfers in addition to merchandise. Balance of payments includes all financial transactions between nations and is composed of the current account, the capital account, the settlement account, and the statistical discrepancy.

Economics

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One tenet of classical economics is that

A) the role of the government should be limited, since the market will always be self-correcting. B) the government should set a minimum wage slightly above the natural market equilibrium rate. C) the government should intervene whenever necessary to avoid any unemployment. D) wages and prices are "sticky downward."

Economics

It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours to produce every good than it takes German workers

a. True b. False Indicate whether the statement is true or false

Economics