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FOREIGN AID: Gifts, loans, technical assistance, and other assorted transfers from one country to another that are intended to improve conditions in the receiving nation. The U. S. has been a major player in this foreign aid game throughout much of the twentieth century. However, most of the more developed countries of the world give aid to the lesser developed ones.

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Lesson 6: Supply | Unit 1: Selling Basics Page: 3 of 19

Topic: Quantity Supplied <=PAGE BACK | PAGE NEXT=>

Second, quantity supplied.

Quantity supplied is the specific quantity of a good that sellers would be willing and able to sell at a specific price.

  • Price and quantity supplied are a pair of numbers that go together.
Quantity supplied is not the same as supply.
  • Supply is the entire range of prices and quantities (all pairs of numbers).
  • Quantity supplied is a specific quantity at a specific price (a quantity paired with a price).

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PLANNED ECONOMY

An economy, or economic system, that relies heavily on central planning by government to allocate resources and answer the three basic questions of allocation. A planned economy is often a type of command economy, in which government uses its coercive powers to implement central planning allocation decisions.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for rusty deck screws.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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