Measures of Economic Performance (Edexcel A-Level Economics A): Flashcards
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Balance of payments records
Balance of payments records
All economic transactions between UK residents & rest of world
Credit items in balance of payments
Credit items in balance of payments
Incoming payments to the UK
Debit items in balance of payments
Debit items in balance of payments
Outgoing payments from the UK
Current account tracks
Current account tracks
Goods, services, income payments, and transfers
Visible trade
Visible trade
Trade in physical products (goods)
Invisible trade
Invisible trade
Trade in services
Primary income
Primary income
Income flows from investments and employment
Financial account captures
Financial account captures
Transactions in financial assets and liabilities
Overall balance of payments must equal
Overall balance of payments must equal
Zero (due to double-entry bookkeeping)
UK goods vs services trade pattern
UK goods vs services trade pattern
Goods deficit; services surplus since 1966