4.2: Balance of Payments - Key Words
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6 Terms
Balance of Payments
The record of all financial transactions between one country and the rest of the world
Current Account
The record of trade in goods and services, income flows and transfers between one country and the rest of the world
Balance of Payments on Current Account
The total of net trade in goods and services, income flows and transfers between one country and the rest of the world
Balanced Current Account
Where the sum of exports plus the inflow of income and transfers is equal to the sum of imports plus the outflow of income and transfers
Current Account Surplus
Where the sum of exports plus the inflow of income and transfers is greater than the sum of imports plus the outflow of income and transfers
Current Account Deficit
Where the sum of exports plus the inflow of income and transfers is less than the sum of imports plus the outflow of income and transfers
Note 
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