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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 5 of 22

Topic: The Payment Flow <=PAGE BACK | PAGE NEXT=>

The payment flow goes in the opposite direction of the physical flow. A physical commodity goes one direction through markets and payment goes the other.
  • The household sector buys production from the business sector (counter-clockwise flow) in exchange for payment (clockwise flow) through product markets.
  • The business sector buys resources from the household sector (counter-clockwise flow) in exchange for payment (clockwise flow) through factor markets.
  • Revenue received by the business sector for selling goods is used to pay the factors of production.
  • Factor payments become income used by household sector to buy production from the business sector.
  • The circular flow makes about six cycles around the economy each year.

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PER UNIT TAX

A tax specified as a percentage of the quantity of a good, service, asset, or other activity. Per unit taxes are often imposed on specific goods or markets. A common per unit tax is that levied on gasoline. People pay a given tax for each gallon of gasoline purchased, regardless of the price of gasoline. An alternative is an ad valorem tax, with is a tax specified as a percentage of the value or price of a good.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for infected paper cuts.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

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