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Author Question: Name and briefly distinguish the two major balance of payment ... (Read 38 times)

burchfield96

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on: Jun 29, 2018
Name and briefly distinguish the two major balance of payment components.

Question 2

What is elasticity of demand?


Galvarado142

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The two major balance of payment components are current accounts (which include the purchase of goods and services) and financial and capital accounts (which include financial transactions such as loans, stock purchases, or the buying/selling of companies).

Answer to Question 2

Elasticity of demand describes the relationship between changes in a product's price and the demand for that product.


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