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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 15: Aggregate Market | Unit 4: Self Correction Page: 17 of 22

Topic: Recessionary Gap <=PAGE BACK | PAGE NEXT=>

The aggregate market can automatically reach long-run equilibrium by closing a recessionary gap.

Key points:

  • Short-run equilibrium is at the intersection of the AD and the SRAS (SRo) curves.
  • The initial short-run price level is Po, and real production is Qo.
  • Short-run equilibrium is to the left of the full employment production, Qf.
  • We have a recessionary gap.
  • As wages fall, production cost decreases which increases short-run aggregate supply.
  • The SRAS curves shift to reach the full employment level at the intersection of the LRAS and AD curves.

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MACROECONOMIC GOALS

Three conditions of the mixed economy that are most important for macroeconomics, including full employment, stability, and economic growth, that are generally desired by society and pursued by governments through economic policies.

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Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. "

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