ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Balance of trade
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Balance of transactions
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Budget
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Balance of payments
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Detailed explanation-1: -Balance of payments is a systematic record of all the economic transactions between one country and rest of the world.
Detailed explanation-2: -balance of payments, systematic record of all economic transactions between residents of one country and residents of other countries (including the governments).
Detailed explanation-3: -The balance of payments of a country is a systematic record of all economic transactions between the residents of a country and the rest of the world.
Detailed explanation-4: -The balance of payments of a country is a systematic record of all import and export transactions of a country during a given period of time normally a year. Q.
Detailed explanation-5: -A systematic record of the daily activities of a business is to present a complete financial picture is known as accounting or in its elementary stages as book-keeping. It is difficult to get a clear distinction between book keeping and accounting.