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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 15: Aggregate Market | Unit 3: Doing Curves Page: 13 of 22

Topic: Long Run Disequilibrium: Too Low <=PAGE BACK | PAGE NEXT=>

We can see what happens if the price level is not at the long-run equilibrium price level of Pe. If price level is the too low the supply of real production is less than demand. We have shortages in product markets throughout the economy. Market prices increase and so too does the price level. Aggregate expenditures then decrease to reach full employment.

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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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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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