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DISSAVING: Negative saving during a given period of time in which consumption expenditures exceed disposable income. Dissaving is made possible by spending past or future disposable income on current consumption, that is, using income saved from previous periods or borrowing income to be earned in future periods. Saving is generally illustrated by the vertical difference when between the consumption line and the 45-degree line. Dissaving results when the 45-degree line lies above the consumption line.

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Lesson 1: Economic Basics | Unit 3: The Economy Page: 10 of 18

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  • How an economy is a system of rules, procedures, and institutions designed to address the problem of scarcity.
  • How a mixed economy used the two methods of allocation--markets and government.
  • The continuum of real world mixed economies that are bounded by the two theoretical extremes of a pure market economy and a pure command economy.
  • The degree to which the mixed U.S. economy relies on markets and government to allocate resources.

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TRANSFER PAYMENTS

Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be purchased with the income. Transfer payments surface as income received but not earned (IRBNE) that is added to national income to derived personal income.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for slightly overweight pizza delivery guys.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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