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 NATURAL UNEMPLOYMENT: The combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Natural unemployment exists when the economy is at full employment, which for practical purposes is defined as the condition in which the quantity of resources demanded is equal to the quantity of resources supplied. Most important for policy purposes, natural employment exists with stable prices, that is, no inflation.
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 Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 18 of 25

 Topic: National Income <=PAGE BACK | PAGE NEXT=>

The first three related, but slightly different income measures is national income (NI), income earned by the factors of production.
• National income is the sum of wages (W), interest (I), rent (R), profit (P) and proprietors' income (PI):

NI = W + I + R + P + PI

• National income is also found by subtracting capital consumption allowance (CCA) and indirect business taxes (IBT) from, and adding net foreign factor income (NFFI) to, GDP:

NI = GDP - CCA - IBT + NFFI

• And because NDP = GDP - CCA:

NI = NDP - IBT + NFFI

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FOUR-SECTOR INJECTIONS-LEAKAGES MODEL

A variation of the Keynesian injections-leakages model that adds the foreign sector to the three domestic sectors--the household sector, the business sector, and the government sector. This variation adds the foreign to the three domestic sectors (household, business, and government) in the three-sector model and provides an alternative to the four-sector aggregate expenditures (Keynesian cross). It provides the complete Keynesian representation of the macroeconomy, including the export-import interaction between the domestic economy and the foreign sector. Equilibrium is identified as the intersection between the S + T + M line and the I + G + X line. Two related variations are the two-sector injections-leakages model and the three-sector injections-leakages model.

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for infected paper cuts.Your Complete Scope
 The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
 "The greatest things ever done on Earth have been done little by little. "-- William Jennings Bryan
 IGARCHIntegrated Generalized Autoregressive Conditional Heteroskedasticity
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