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RETAINED EARNINGS: Officially termed undistributed corporate profits, these are corporate profits that are neither paid as corporate profits taxes nor paid to shareholders as dividends. Undistributed corporate profits are important for the derivation of personal income from national income. Because undistributed corporate profits are income that is earned by the shareholders, but not received, it falls in the general category of income earned but not received (IEBNR), and is subtracted from national income in the derivation of personal income.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 14 of 20

Topic: More Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).
  • An increase in demand causes an increase in both price and quantity.
  • A decrease supply causes price to increase and quantity to decrease.
  • The combined effect is an obvious increase in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand shifts relatively more than supply, quantity is greater.
  • If demand shifts relatively less than supply, quantity is less.

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MARKET-ORIENTED ECONOMY

A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for mail order catalogs with hidden messages.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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