ECONOMICS
BALANCE OF PAYMENTS
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Detailed explanation-1: -The BoP consists of three main components-current account, capital account, and financial account.
Detailed explanation-2: -The components of the balance of payments are the current record/account, the capital record/account, and the financial record/account.
Detailed explanation-3: -Elements of a Balance of Payment. There are three components of the balance of payment viz current account, capital account, and financial account.
Detailed explanation-4: -The balance of payments (BOP) transactions consist of imports and exports of goods, services, and capital, as well as transfer payments, such as foreign aid and remittances. A country’s balance of payments and its net international investment position together constitute its international accounts.
Detailed explanation-5: -Current account. Financial account. Capital account. Decision-making. Developing trade policies. Establishing fiscal objectives. Implementing growth strategies. Analyzing deficits.