ECON 102 Chapter Notes - Chapter 35: Fixed Exchange-Rate System, Foreign Exchange Market, Reserve Currency

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13 Apr 2013
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ECON 102 Full Course Notes
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Balance of payments accounts: summary record of a country"s transactions with the rest of the world. Includes the buying and selling of goods, services, and assets: the sum of the current account and capital account balance, categorized by whether a transaction generates a payment or a receipt for canada. Credit: transactions that represent a receipt, the sale of a product or asset. Debit: transaction that represents a payment, the purchase of a product or asset. Records payments and receipts arising from trade in goods and services and from interest and dividends that are earned by capital owned in one country and invested in another. Trade account: records the value of exports and imports of goods and services. Capital-service account: records the payment and receipts that represent income on assets. Records payments and receipts arising from the purchase and sale of assets. Direct investment: the purchase or sale of assets that alter the legal control of those assets.

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