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AGGREGATE: A common modifier for an assortment of economic terms used in the study of macroeconomics that signifies a comprehensive, often national, total value. This modifier most often surfaces in the study of the AS-AD, or "aggregate market", model of the economy with such terms as aggregate demand and aggregate supply. For example, aggregate demand indicates the total demand for production in the macroeconomy and aggregate supply indicates the total amount of that output produced. Two other noted "aggregate" terms are aggregate expenditures and aggregate production function.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 20 of 25

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Income earned by the factors of production that is not received by the households (IEBNR) is subtracted from national income to derive personal income.
  • Social Security taxes: This is income earned by workers for their production, but paid to the government and not received by households.
  • Corporate profit taxes: Part if profit redirected to government.
  • Undistributed corporate profits: Retained earnings kept by business for future capital investment.
  • Workers, entrepreneurship and/or capital owners earn this income, but do not receive it.

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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for slow moving vehicles with darkened windows.
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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.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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Foreign Exchange Agreement
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