accounting statement that summarizes all the economic transactions between residents of the home country and residents of all other countries is called the

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The balance of payments is a comprehensive accounting statement that summarizes all the economic transactions between residents of the home country and residents of all other countries, including trade, services, income, and unilateral transfers. The balance of trade only covers the difference between exports and imports, and the current account balance includes trade and services but excludes income and unilateral transfers. The capital account balance only tracks transfers of financial assets between countries.

Accounting Statement That Summarizes All the Economic Transactions Between Residents