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ANNUAL: A standard 12-month period, or one year, used for reporting economic and financial data. Gross Domestic Product and related measures are noted economic data released annually. Many businesses also provide annual financial reports. Another standard reporting period is the quarter.

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Lesson 5: Demand | Unit 4: Determinants Page: 16 of 20

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The five determinants that cause the demand curve to shift are:
  • Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
  • Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
  • Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
  • Expectations: Buyers' current demand depends on expectations of future prices.
  • Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.

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PERSONAL INCOME

The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for fairy dust that tastes like salt.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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