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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets).
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                           SUPPLY SCHEDULE: A table that illustrates the alternative quantities of a commodity supplied at different prices. A supply schedule is a simple means of summarizing information about supply price and quantity supplied for a particular good. It is used to highlight the law of supply. It can also be used to derive a supply curve. A supply schedule is a useful set of information that can summarize several of the more important aspects of supply. Setting Up the Table| Supply Schedule |  |
The table in this exhibit displays the Shady Valley supply schedule for stuffed Yellow Tarantulas, a cute and cuddly stuffed creature from the Wacky Willy Stuffed Amigos line of collectibles.This table contains three columns. The first contains reference labels A, B, C, etc. for each price-quantity pair. The second is the supply price, ranging from $5 to $50. And the third is the quantity supplied, ranging from 0 to 900 Yellow Tarantulas. This schedule assumes other ceteris paribus factors remain unchanged and that the quantities are those supplied during a one year time period. Running Through the NumbersHere are a few observations about this supply schedule. - First, as the price increases from a low of $5 to a high of $50, the quantity supplied of Yellow Tarantulas increases from 0 to 900. Higher prices are related to larger quantities. This relation, this direct relation between supply price and quantity supplied, IS the basic law of supply.
- Second, the quantities in the schedule represent maximum values. That is, if the price is $10, then the maximum quantity supplied is 100 Yellow Tarantulas. It is not 150, nor even 101, but only 100. Alternatively, the prices in the schedule represent minimum values. If sellers offer 100 Yellow Tarantulas for sale, then the minimum supply price they are willing and able to accept is $10, not $5, not even $9.99, but $10.
- Third, this whole schedule, all ten pairs of the price-quantity numbers (and all others that could be included) is supply. Supply is the entire range of prices and quantities, all pairs. In contrast, quantity supplied is any specific number of Yellow Tarantulas sellers are willing and able to sell at a specific supply price. Selecting a different price generates a different quantity supplied.
- Fourth, these numbers are hypothetical, not just in the sense that they were made up to illustrate supply, but in the sense that they suggest a "What if" relation. This particular schedule does not indicate the actual supply price of Yellow Tarantulas nor the actual quantity supplied. It only indicates quantity supplied given the supply price, or supply price given the quantity supplied. If, for example, the supply price is $10, then sellers are willing and able to sell 100 Yellow Tarantulas. This does not mean that sellers will sell, are selling, or ever will sell 100 Yellow Tarantulas. It only indicates what they would sell at a $10 price.
Recommended Citation:SUPPLY SCHEDULE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 23, 2024].
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for crowded shopping malls.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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SLLN
Strong Law of Large Numbers
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