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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 21 of 25

Topic: IRBNE <=PAGE BACK | PAGE NEXT=>

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:
    1. Social Security benefits.
    2. Welfare payments.
    3. 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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VERY SHORT RUN, MICROECONOMICS

A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for fairy dust that tastes like salt.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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