A collection of national income accounts that summarizes the flow of international trade between one country and all other countries is called. the balance of payments
Since intermediate items are already added to the value of final commodities, they cannot be included in the national income. Double counting will occur if it is added again. Used-goods transactions (sale and buy) shouldn't be taken into account in this calculation. These items are not added to the current flow of goods and services since they were previously included in the fiscal year in which they were produced. Self-consumption services, such as domestic labor performed by a housewife, are not to be counted in the computation of national income because it is difficult to determine their market worth.
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