The broader economy and one's own business skills will influence ...

[nmorano1]

The broader economy and one's own business skills will influence the level of one's personal financial success.
 
 Indicate whether the statement is true or false

Question 2

Why is balance of payments a much broader concept than balance of trade?

[sarahccccc]

Answer to Question 1

True

Answer to Question 2

A nation's balance of payments is the total flow of money into a country minus the total flow of money out of the country. Due to the inclusion of investments, money spent by foreign tourists, payments by foreign governments, aid to foreign governments, and all other receipts and payments, the concept covers more than balance of trade, limited as the total value of exports minus imports.