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Distinguish Between Balance of Trade and Balance on Current Account? - Economics

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Distinguish between balance of trade and balance on current account?

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Solution

Basis of Difference Balance of Trade Balance on Current Account
1. Meaning Record of visible transactions Record of the visible as well as invisible and unilateral transactions
2. Components Balance of exports and imports of all physical goods Balance of visible trade, invisible trade and unilateral transfers
3. Nature of transactions Records the transactions relating to physical goods Records the transactions relating to goods, services and unilateral transactions
Concept: Balance of Trade
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