Current account: Current account refers to the account maintained by every government of the world in which every
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Capital account: Capital account of Balance of payment records all the transactions, between the residents of country and rest of the world, which cause a change in the assets or liabilities of the residents of the country or its government
Balance of payments: The balance of payment is a statement of all transactions made between entities in one country and the rest of the world.
Trade balance: The balance of trade is the difference between the value of a country’s imports and exports for a given period. The balance of trade is the largest component of a country’s balance of payments.