TeachMeFinance.com - explain Balance of payments
Balance of payments The term 'Balance of payments ' as it applies to the area of agriculture can be defined as ' An accounting statement measuring the value of goods, services and capital exchanged between a country and all foreign countries. A nation is said to have either: (1) a balance of payments deficit if it sends abroad less in goods, services, and capital than it receives from foreigners; or (2) a balance of payments surplus if it sends abroad more in goods, services, and capital than it receives'.
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