![]() Residents of one country comprise individuals, business concerns, and several government organizations. Now the question arises who is considered a Resident? These transactions can be made between individuals, firms, and the country’s government within a country and individuals, firms, and governments outside the country. Economic transactions include the activity that has a monetary effect, and also involves a transfer of the title or ownership of money, assets, goods, and services. Balance of Payments includes all the economic transactions, which involve the transfer of holding or title of goods, and services. It lists all interactions between residents of one country and residents of other countries that involve businesses, organizations, or governments. It is a statement of all transactions between entities in one country and the outside world over a specified time period, such as a quarter or a year. Balance of Payments can also be known as the Balance of International Payments. ![]() This record is titled Balance of Payments. Usually, government records all the transactions that arise between a country and the outside world. Properties of Matrix Addition and Scalar Multiplication | Class 12 Maths. ![]()
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