International trade is an essential component of the global economy. Countries trade with each other to obtain goods and services that they do not produce domestically or to obtain them at a lower cost than producing them domestically. Trade between countries is recorded in the balance of payments (BOP) and balance of trade (BOT) accounts. These accounts are critical to … [Read more...] about Top 13 Difference Between Balance of Trade and Balance of Payments
Difference between Balance of Trade and Balance of Payments
What is Format of Balance of Payment (With Examples)
The Balance of payments (BOP) country is a record of all ‘Economic Transactions’ between the residents of the country and the residents of other countries. The balance of payments is a comprehensive and systematic record of all economic transactions, between the residents of a country and the rest of the world. The balance of payments is merely a way of listing … [Read more...] about What is Format of Balance of Payment (With Examples)