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THE GENERAL THEORY: The common name for the book, The General Theory of Employment, Interest, and Money, by John Maynard Keynes. This work laid the theoretical foundations for the modern study of macroeconomics and the specific analysis that has come to be known as Keynesian economics. Published in 1936 during the depths of the Great Depression, The General Theory provided both a theoretical explanation for the cause of the depression and recommendations for policies to correct the problems. It was THE textbook for the serious study of macroeconomics for almost four decades.

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Lesson 11: Circular Flow | Unit 5: Real World Page: 20 of 22

Topic: Production And Income <=PAGE BACK | PAGE NEXT=>

Measures of production and income.
  • Net domestic product (NDP) is GDP minus capital consumption allowances CCA).
  • National income (NI) is NDP minus indirect business taxes (IBT).
  • Personal income (PI) is NI minus undistributed corporate profits (UCP), corporate profits taxes (CPT) and Social Security Taxes (SST), plus transfer payments.
  • Disposable income (DI) is PI minus personal taxes.

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SELF CORRECTION, MARKET

The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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American Bankers Association, Associate in Business Administration
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