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NONPRICE COMPETITION: A method of competition undertaken by firms in the same market (typically oligopoly firms) that involves advertising, brand-name promotion, support services, illegal activities, and everything but the price. Oligopoly firms are quite prone to nonprice competition due to the interdependence, especially such as that illustrated by the kinked-demand curve. Because oligopoly firms find difficulty competing through prices, they seek out alternative methods of competition, such as advertising or sabotage.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 19 of 25

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

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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INTERNAL REVENUE SERVICE

A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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