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COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70% of national income.

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 9 of 23

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  • Reviewing Fred the Goldsmith, that Fred has developed several modern banking functions: safekeeping, depository, lending and fractional-reserve banking functions.
  • Fred's system of tracking gold flows by issuing receipts for each deposit.
  • The three main features of Fred's system:
    • Knights need not withdraw the same gold deposited.
    • Fred need not personally know each knight requesting services.
    • These gold receipts are as good as gold and become money.
  • Two options Fred has to make a loan:
    • Loan some gold from the safe which could be deposited back in return for receipts.
    • To loan the receipts directly.
  • The importance of fractional-reserve banking and Fred's ability to create money that is used for investment and economic growth.

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REVENUE EFFECT

The generation of revenue used to finance government operations that results from placing taxes on economic activity. The revenue effect is the primary reason that governments impose taxes on members of society. Without the revenue generated from taxes, governments could not provided valuable and essential public goods nor undertake other government operations. This is one of two effects of taxation. The other is the allocation effect, which is the change in resource allocation that results because taxes create disincentives to produce, consume, and exchange.

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