Chapter 39: Current account of balance of payments Flashcards
1
Q
Trade in goods
A
The value of exported goods and the value of imported goods
2
Q
Trade in goods deficit
A
Expenditure on imported goods exceeding revenue from exported goods
3
Q
Trade in goods surplus
A
Revenue from exported goods exceeding expenditure on imports
4
Q
Trade in services
A
The value of exported services and the value of imported services
5
Q
Trade in service surplus
A
Revenue from exported services exceeding expenditure on imported services
6
Q
Primary income
A
Income earned by people working in different countries and investment income which comes into and goes out of the country
7
Q
Secondary income
A
Transfers between residents and non-residents of money, goods or services, not in return for anything else
