The balance of payments is a systematic record of all economic transactions between residents of a country and residents of foreign countries over a period of time. It includes visible items like exports and imports of goods, and invisible items like services. The balance of payments provides a more comprehensive picture than just the balance of trade. It has two main components - the current account, which covers trade in goods and services, and the capital account, which covers financial flows like investments and official transactions between governments. Autonomous items in the balance of payments refer to transactions undertaken for economic motives, while accommodating items balance out the account. Disequilibria can arise due to various economic, political, and social factors.