What is meant by the balance of payments, International Economics

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What is meant by the balance of payments

Problem

What is meant by the balance of payments? In what way is the balance of payments a summary statement? What is meant by an international transaction? How is a resident of a nation defined? In what way is the time element involved in measuring a nation's balance of payments?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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