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NI: The abbreviation for national income, which is the total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.

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Lesson 1: Economic Basics | Unit 2: Doing Economics Page: 6 of 18

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  • The science of positive economics and the art of normative economics.
  • Macroeconomics, microeconomics and some specialized fields of economic study.
  • Six common logical fallacies to avoid: false cause, attacking the messenger, appealing to the masses, appealing to a false authority, composition, and division.

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TOTAL FIXED COST

Cost of production that does NOT change with changes in the quantity of output produced by a firm in the short run. Total fixed cost is one part of total cost. The other is total variable cost. At any and all levels of output, fixed cost is the same. It includes cost that is not dependent on, or is unrelated to, production. The best way to identify fixed cost is to produce zero output. Fixed cost is incurred whether or not any output is produced. A cost measure directly related to total fixed cost is average fixed cost.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

FRS
Federal Reserve System
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