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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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

Topic: Government Spending <=PAGE BACK | PAGE NEXT=>

Government spending, purchases and transfer payments, is financed by indirect business taxes (IBT), Social Security taxes (SST), corporate profits taxes (CPT), personal taxes, and borrowing. Now Click

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"Success is liking yourself, liking what you do, and liking how you do it."

-- Maya Angelou, Poet and Author

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Society for Worldwide Interbank Financial Telecommunications
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