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September 18, 2018 

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MACROECONOMICS: The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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Lesson 11: Circular Flow | Unit 3: Government Page: 12 of 22

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

The government sector tends to be in the middle of most economic activity.
  • Taxes are collected by all levels of government, federal, state, and local.
  • The green flow from the household sector to the government sector is taxes.
  • This flow is household income diverted to the government sector.
Three basic uses of national income:
  • Consumption: Income used by the household sector to buy GDP.
  • Saving: Income diverted to the financial markets for business sector borrowing for capital purchases.
  • Taxes: Income diverted to the government sector for government purchases.
All three come from national income.

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AVERAGE FIXED COST CURVE

A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for fairy dust that tastes like salt.
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Two and a half gallons of oil are needed to produce one automobile tire.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

KLIC
Kullback-Leibler Information Criterion
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