In HSC Economics, the Balance of Payments is a record of all incoming and outgoing trade and financial transactions made between an economy and the rest of the world. It uses double-entry accounting, i.e. debits and credits.
What is the Balance of Payments?
Watch the videos below to learn more about its function in the economy.
What is the Current Account?
In this video, we will learn more about one of the two parts that make up the balance of payments, the Current Account and the Capital and Financial Account.
What is the Balance of Goods and Services?
Watch the video to find out more about the Balance of Goods and Services (BOGS).