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SMALL BUSINESS: The businesses in our economy that individually produce very little output, have little or no market control, but collectively produce about half of our total production. Most small business owners may aspire to the ranks of the second estate, but they're card-carrying members of the third.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 21 of 25
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Income received by households but not earned by the factors of production (IRBNE) is added to national income to derive personal income. IRBNE are transfer payments.- Households without factors of production receive income through transfer payments such as:
- Social Security benefits.
- Welfare payments.
- Unemployment compensation.
- To calculate personal income, income earned but not received (IEBNR) is subtracted from and income received but not earned (IRBNE) is added to national income.
PI = NI - IEBNR + IRBNE
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SHORT-RUN AGGREGATE SUPPLY AND MARKET SUPPLY The short-run aggregate supply curve, or SRAS curve, has similarities to, but differences from, the standard market supply curve. Both are positively sloped. Both relate price and quantity. However, the market supply curve is positively sloped due to the law of diminishing marginal returns and the short-run aggregate supply curve is positively-sloped due to inflexible prices, the pool of natural unemployment, and imbalances in real resource prices.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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ATC
Average Total Cost
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