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UNDISTRIBUTED CORPORATE PROFITS: Commonly termed retained earnings, 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 13: The Firm | Unit 3: Legal Types
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Page: 16 of 24
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- Attempts have been made to do just that with three modern variations of the original three:
- Limited Partnership A limited partnership is a partnership in which one or more of the partners have limited liability.
- S Corporation An "S" corporation is a corporation that has elected to be taxed under Chapter S of the Internal Revenue Service tax code.
- Limited Liability Company One of the newest types of firms is a limited liability company which is essentially a partnership in which the owners have limited liability.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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AS-AD
Aggregate Supply-Aggregate Demand Model
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