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SAVING: The after-tax disposable income of the household sector that is not used for consumption expenditures. In general terms, saving is the use of income to purchase legal claims through financial markets rather than the direct purchase of physical goods and services. In the macroeconomic world modeled by the circular flow, saving is the diversion of household income away from consumption and into the financial markets. In this model, saving is a primary source of funds used for business investment expenditures for capital goods. Saving is also used to finance government expenditures.
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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income
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Page: 22 of 25
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In this unit, you should have learned something about:- The three income measures, national income (NI), personal income (PI) and disposable income (DI).
- Alternative ways of calculating national income--the sum of factor payments (NI = W + I + R + P + PI), adjusting GDP (NI = GDP - CCA - IBT + NFFI), and adjusting NDP (NI = NDP - IBT + NFFI).
- Income earned but not received (IEBNR), including Social Security taxes, corporate profit taxes, and undistributed corporate profits.4. Income received but not earned (IRBNE), including Social Security benefits, welfare payments, and unemployment compensation.
- Deriving personal income from national income (PI = NI - IEBNR + IRBNE).
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ENERGY PRICES, AGGREGATE SUPPLY DETERMINANT One of several specific aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and that shifts the aggregate supply curve when it changes. An increase in the energy prices causes a decrease (leftward shift) of the aggregate supply curve. A decrease in the energy prices causes an increase (rightward shift) of the aggregate supply curve. Other notable aggregate supply determinants include technology, wages, and the capital stock. Energy prices fall under the resource price aggregate supply determinant.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"We should never allow ourselves to be bullied by an either-or. There is often the possibility of something better than either of those two alternatives. " -- Mary Parker Follett, management coach
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Income
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