Canada's Balance of International Payments
Balance of international payments, goods of economy, category
Balance of payments, goods refers to that part of the balance of international payments account that summarizes, for a specific period of time, the economic transactions of residents with non-residents covered by the goods component of the current account. 'Goods' refers to physical, produced objects for which a demand exists, over which ownership rights can be established and whose ownership can be transferred from one institutional unit to another by engaging in transactions on markets.
Economy refers to the entire set of resident institutional units. It is divided into sectors that consists of groups of resident institutional units. An institutional unit is resident in a country when it has a centre of economic interest in the economic territory of that country. It is said to have a centre of economic interest when there exists some location - dwelling, place of production or other premises - within the economic territory on, or from, which it engages, and intends to continue to engage, in economic activities and transactions on a significant scale either indefinitely or over a finite period of time.