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CIRCULAR FLOW: The continuous movement of production, income, and resources between producers and consumers. This flow moves through product markets as the gross domestic product of our economy and is then the revenue received by the business sector in payment for this production. This stream of revenue then flows through resource markets as payments by businesses for the resources employed in production. The payments received by resource owners, however, is nothing more than the income of the household sector. The resource owners of the household sector use this income to purchase goods and services through the product markets, coming full circle to where we began.

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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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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

The average bank teller loses about $250 every year.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

QLR
Quasi-Likelihood Ratio
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