A Very Simple Understanding of a Nation's Economy - Nigeria

Picture credit: www.hopeofnigeriaonline.com

The economy can be defined by three major accounts and what are these accounts?

1. Current Account
2. Capital Account
3. Foreign Reserve

Every Nation of the world like Nigeria is defined by these accounts, they control the entire economy. When you here people or experts talk about a country's economy, they are talking about these three accounts. You must have heard things like GDP, GNP and GDP per Capital hmmmm just relax.
first and foremost let us look at the three accounts in a very simple way shortly: