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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring 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% of personal income and about 13% of gross domestic product.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 13 of 25

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In this unit, you should have learned something about:
  1. Measuring economic production using market transactions.
  2. Market transactions of past and future production that are NOT economic production and are excluded from GDP.
  3. Economic production of in-kind activities that do NOT involve market transactions but are included in GDP.
  4. Economic production of home production that do NOT involve market transactions and are excluded from GDP.
  5. Economic production of illegal activities that do involve market transactions but are excluded from GDP.


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NORMATIVE ECONOMICS

The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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