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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 9: Macro Basics | Unit 4: Policies Page: 12 of 16

Topic: Viewpoints <=PAGE BACK | PAGE NEXT=>

People can take different views of government and economic polices that depend on political philosophies.
  • Liberal Democrat: The view that government is the only way to keep the economy running smoothly, using paternalistic, hands-on policies. If a problem arises, then government is the answer.
  • Conservative Republican: The view that government is the problem, not the solution. The best government is the least government because it is a tyrannical oppressor of individual rights and freedoms.
  • One view or the other is usually the basis of an economic policy.
The government can be the solution and it can be the problem.

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PERSONAL CONSUMPTION EXPENDITURES

The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures household consumption expenditures on gross domestic product. Personal consumption expenditures are far and away the largest and most stable of the four expenditures, averaging about 65 to 70 percent of gross domestic product. The other official expenditures included in the National Income and Product Accounts are gross private domestic investment, government consumption expenditures and gross investment, and net exports of goods and services.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the first day of spring or a coffee cup commemorating last Friday (you know why). Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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