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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