Notes on "Role of International Trade"
Shortages that result from spending in excess of revenue.
Balance of Payments
A record of all monetary transactions that flow across a
country’s border; two major components are the current account and the capital
Represents the sum of all recorded transactions including
traded goods, services, income, and net transfer payments.
Captures investment and financing flows; inflows have an
appreciating impact on a given currency; outflows have the opposite, or