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RETAINED EARNINGS: Officially termed undistributed corporate profits, these are corporate profits that are neither paid as corporate profits taxes nor paid to shareholders as dividends. Undistributed corporate profits are important for the derivation of personal income from national income. Because undistributed corporate profits are income that is earned by the shareholders, but not received, it falls in the general category of income earned but not received (IEBNR), and is subtracted from national income in the derivation of personal income.
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Lesson 10: Gross Domestic Product | Unit 1: Measuring Production
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Economists use numerical measurements to indicate the health and well-being of the economy.- Economic diagnosis relies on several indicators.
- Gross domestic product is the most comprehensive measure of the economy's production and one of the most basic measures of the economy's well-being.
- Gross domestic product, as well as other economic measures, are indicators of our economic health.
A GDP Definition:Gross domestic product (GDP) is the total market value of all final goods and services produced in the economy in a given period of time, usually one year. - The goal of GDP is to measure the total production of goods and services produced in the economy each year.
- A larger GDP means that we have more goods and services that can be used to satisfy our unlimited wants and needs.
- The chart presents recent numbers for GDP in the United States.
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PSYCHOLOGICAL LAW A principle of consumption behavior proposed by John Maynard Keynes stating that people have the propensity to spend a large fraction, but not all, of any additional income received. This psychological law is not so much a principle of psychology as an economic observation about consumption spending and is related to the notion of effective demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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BLUE
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