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PI: The abbreviation for personal income, which is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income is one of three measures of income reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 19 of 25
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Personal income (PI) is the second income measure.- Personal Income is income RECEIVED by households.
- Compare this with national income which is income earned by the factors of production.
These two income measures are similar, but not exactly the same.- Some income earned by the factors of production is not received by the household sector. Let's call it IEBNR.
- Some income received by the household sector is not earned by a factor of production. Let's call it IRBNE.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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EJ
Economic Journal
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