What is Balance of Payment? Class 12 Economics Notes

What is the Balance of Payment Class 12 Economics Notes

What is Balance of Payment? Class 12 Economics Notes

The balance of Payment : In this article, we will study Components of BOP and BOP deficit.

Balance Of Payment (BOP) refers to the systematic records of all economic transactions taking place between the residents of one country and resident of foreign countries during a given period of time. The transaction includes the sale of Indian goods and services and purchase of foreign goods. The economic transaction includes the transaction that causes the transfer of value in terms of foreign exchange.

“Balance of payment of a country is a systematic record of all business transactions between the resident of a reporting country and a resident of a foreign country during a given period of time, usually a year”. – Prof C P Kindle Berger

Economic transactions are related to Visible items (products), invisible items (services), capital transfer (capital receipts and payments) and unilateral transactions.

Understand the concept of BOP from Experts, click on macroeconomics class 12 for Class 12 for details.

Learn complete What is Balance of Payment? Class 12 Economics Notes

To continue for the next topic of the same unit click Foreign Exchange

Read another topic- Consumer Equilibrium

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