An open economy is one that exports and imports.
A closed economy is one that does not export or import.
The balance of payments is a record of a country's transactions with the rest of the world. There are two main sections: the current account and the capital and financial accounts.
The BoP is the total amount of exports minus the total amount of imports.
If the BoP is positive, the UK exports more than it imports.
If the BoP is in Surplus then the UK exports more than it imports.
If the BoP is negative The UK exports less than it imports.
If the BoP is in deficit the UK imports more than it exports
The current account records the payments for purchases and sales of goods and services such as energy products, raw materials and manufactured goods.