Please enable JavaScript.
Coggle requires JavaScript to display documents.
Balance of payments (need to finish) (Trade in services (UK run on a large…
Balance of payments (need to finish)
A record of a countries trade/transactions with the rest of the world
Deficit or surplus
Deficit is when imports are more than exports
Surplus is when exports are more than imports
Measuring the balance of payments
Through the current account
Trade in services
Primary income (investment)
Trade in goods
Secondary income (transfer)
Trade in goods
Measures the net exports of visible goods
Due to an increase in demand for consumer goods
UK has a large deficit
Trade in services
UK run on a large surplus on the trade in services component
UK has seen a shift away from primary and secondary sectors towards and tertiary sectors
Measures the net exports of invisible items such as banking, insurance, education, healthcare
Overspecialised in services