Macro: Unit 5.1 -- The Balance of Payments
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Discuss the benefits of trade
Define an open and closed economy
Analyze the effect of world prices and tariffs on the quantity of goods and services
demanded and supplied in the domestic economy
Discuss the categories that make up a nation's current and capital (financial) account
balances
Identify what transactions are included in a nation's current and capital (financial) accounts
Practice calculating the balance of a nation's current and capital account, and ultimately,
the nation's trade balance
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