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IEBNR: The abbreviation for income earned but not received. The three types of income earned but not received by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. In each case a factor of production has rightfully "earned" the income by contributing to valuable production contained in gross domestic product. However, because this income is not paid to the factor and it is not income received by the household sector. IEBNR is subtracted from national income to calculate personal income.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 17 of 26

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

Business cycle instability happens, 3 to 4 years of expansion and a year or so of contraction. During each new expansion, we think the business cycle contraction problem has been solved.
  • Every expansion, except the current one, has ended with a contraction. Perhaps we have found THE cause of business cycles and can avoid future contractions.
  • Economy is complex, with many different business cycle causes. Hard to juggle a cell phone, remote control, and lit candle. Eventually you stop and begin again.
Aggregate economic activity is delicate balancing act, with numerous reasons for a contraction.
  • Note that explanations are often influenced by politics and vested interests.

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TOTAL REVENUE, PERFECT COMPETITION

The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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