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LONG-RUN MARGINAL COST: The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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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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CIVILIAN LABOR FORCE Everyone in the economy, 16 years of age or older, who is neither institutionalized nor in the military, and is either employed or unemployed but actively seeking employment. The civilian labor force is the "official" specification for the national economy's labor supply. It is used for such calculations as the unemployment rate and the labor force participation rate. In particular, the unemployment rate is technically specified as the "percent of the civilian labor force that is unemployed." The size of the civilian labor force (along with the wildly popular unemployment rate) is estimated monthly by the Bureau of Labor Statistics (BLS) from data generated by the Current Population Survey (CPS).
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for small children selling products door-to-door.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"What gets measured gets done." -- Peter Drucker, educator
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LTFV
Less Than Fair Value
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