Balance of Payment
Meaning of Balance of Payments Balance of payments is an accounting statement that provide a systematic record to all the economic transaction , between resident of a country and the rest of the world , in a given period of time. Economic Transaction 1. Visible Items These include all types of physical goods which are imported and exported as they are made of some matter that can be seen, touched, measured. 2. Invisible Items Invisible items of trade refers to all types of services like shipping , banking , etc…these are called invisible goods as they can not be felt , seen ,and measured 3. Unilateral Items or transfer Unilateral transfer include gifts, remittance,etc.. since these transaction donot involve any claims for repayments. 4. ...