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EXCHANGE RATE MECHANISM: The system used to link the euro to the currencies of European Union member nations that do not immediately participate in the use of the euro. Linkages with these non-participating European Union member nations is voluntary, but designed to ease their transition into full-blown use of the euro.

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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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OUTPUT GAPS

Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for telephone calls from long-lost relatives.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

ACIR
Advisory Council on Intergovernmental Relations
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