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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 13 of 25

Topic: Supply Times Three <=PAGE BACK | PAGE NEXT=>

  • A clarification between three types of supply that can be easily confused.

    • Market Supply: Market supply is the total supply of every seller in a market willing and able to sell a good.

    • Supply by a Firm: A second type of supply is that offered by a firm.

    • Supply to a Firm: A third type of supply is that offered to a firm.

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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. "

-- Tyron Edwards, theologian

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