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You are expected to define (AO1) balance of payments, credit/debit items, and account surpluses/deficits (SL+HL)
The balance of payments of a country is the difference between all money flowing into the economy, and all money flowing out of the economy, in a given time period.
Credit and Debit Items (AO1)
Credit and Debit Items (AO1)
Credit items are payments received from foreign consumers, firms, or governments
Debit items are payments given to foreign consumers, firms, or governments
Account Surpluses and Deficits (AO1)
Account Surpluses and Deficits (AO1)
An account has a surplus when its value of credit items is higher than the value of its debit items, in a given time period.
An account has a deficit when its value of credit items is lower than the value of its debit items, in a given time period.
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