We give the original definition of the balance of payments from the 5 edition of the “Balance of Payments Manual” (Article 13). IMF definition. “The balance sheet is a statistical report, where the total data on the foreign economic operations of a given country with other countries of the world for a certain period of […]
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The main directions of economic theory
Among the main directions of economic theory, we distinguish three: classical, Marxist and Keynesian. Classical economic theory developed in the XVIII century in England. Its first representative was Adam Smith. He was born in Scotland in the family of a customs official. He was educated at two universities – in Glasgow and in Oxford – […]
Foreign trade in services
Source: National Bank of the Republic of Belarus Source: Ministry of Statistics and Analysis of the Republic of Belarus Source: Ministry of Statistics and Analysis of the Republic of Belarus
Trade balance and its structure
Source: Ministry of Statistics and Analysis of the Republic of Belarus Source: Ministry of Statistics and Analysis of the Republic of Belarus
Offer functions and their properties
The supply function S(p) describes the relationship between the market price of a good and its supply in an isolated market for that good. In general, it should be assumed that the product in question is produced at a sufficiently large number of competing enterprises. In such a situation, it is natural to assume that […]