Unit 7 Notes: 4.14.2015

Balance of Trade:
Good and Services imports - Goods and Services exports

Trade deficit: 
Imports > Exports
Trade Exports:
Imports < Exports

Current Account:
Balance of Trade + Balance of Payments + Net Transfers

Capital Account:
Foreign purchases of US assets + US purchases of assets abroad

Official Reserves:
Current Account + Capital Account

Goods and Services:
Goods Imports + Service Imports