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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15% of personal income and about 13% of gross domestic product.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 14 of 24

Topic: Goldsmith Deposits <=PAGE BACK | PAGE NEXT=>

The story continues when Bill the Knight needs to store some gold for a short time.

The story:

  • Bill has some gold he would like to store in Fred's safe.
  • Fred agrees and charges Bill for this storage service.
  • When Bill returns from his journey he retrieves his gold, less a modest service charge.
  • Bill informs other knights about this service and they also begin taking advantage of Fred's storage service.
  • Fred realizes that storing gold is an easy way to earn a living.

Fred has stumbled upon the depository function of modern banks.


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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE

The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope

This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"A ship ought not to be held by one anchor, nor life by a single hope. "

-- Epictetus, philosopher

AOQL
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