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PERSONAL TAXES: The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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RISK AVERSION A preference for risk in which a person prefers guaranteed or certain income over risky income. Risk aversion arises due to decreasing marginal utility of income. A risk averse person prefers to avoid risk and is willing to pay to do so, often through the purchase of insurance. This is one of three risk preferences. The other two are risk neutrality and risk loving.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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EER
European Economic Review
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