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December 17, 2018 

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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 13 of 17

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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.
  • Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
  • What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
  • Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
  • Opportunity cost results from giving up something.

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INCOME RECEIVED BUT NOT EARNED

The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

MFC
Marginal Factor Cost
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