In economics, what is the term used to describe all economic transactions between residents of different countries?

The term that describes all economic transactions between residents of different countries is the balance of payments. This concept encompasses a comprehensive record of a country’s economic dealings with the rest of the world, including trade in goods and services, financial transactions, and transfers. It includes components like the current account, which captures trade balance, and the capital account, which records investment flows.

The balance of payments is crucial for understanding a country's economic position globally, as it indicates whether a country is a net lender or borrower in international economic transactions. It provides insights into a country's economic health, foreign investment, and exchange rate policies.

The other options, while related to international economics, serve different purposes. Gross National Product (GNP) focuses on the value of all finished goods and services produced by a country's residents in a specific period, regardless of where the production takes place. Trade barriers refer to governmental restrictions on international trade, such as tariffs, quotas, and regulations, impacting the flow of goods and services across borders. Foreign exchange pertains specifically to the market where currencies are traded, affecting how transactions are conducted and the costs involved but not capturing the overall economic transactions directly.