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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 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 7 of 20

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The structure of the Federal Reserve:
  • Chairman of the Board of Governors: the boss of the Fed.
  • Board of Governors: 7 people, usually economists who make big decisions.
  • Federal Reserve Banks: 37 banks dispersed throughout the country.
  • Commercial Banks: traditional banks, credit unions, savings and loan associations and mutual savings banks.
  • The Non-Bank Public: people, businesses, and government agencies using commercial banking services.

  • The Federal Open Market Committee (FOMC) is critical for money supply control.
  • The Federal Advisory Council (FAC), isn't quite as important.

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AVERAGE COST

The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.

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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for high interest rates.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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