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Balance of Payments
Posted by mjmedlock on July 7, 2011 in international economics | ∞
The balance of payments equals the transactions between a country and the rest of the world. The balance of payments is made up of two divisions – the current account and the capital account. Transactions that occur due to export and import activity are entered into the current account. Transactions that occur due to the […]
National Income Accounts
Posted by mjmedlock on July 7, 2011 in international economics | ∞
The national income accounts are called GNP and GDP. They both measure the value of the economy in a year, yet they are slightly different. GDP, gross domestic product, is the total value of all the final* goods and services produced by domestic factors of production and sold in the domestic market in the year […]