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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15% of personal income and about 13% of gross domestic product.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 5 of 25
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In this unit, you should have learned about:- Production as the transformation of inputs into outputs an the central role it plays in market supply.
- The difference between fixed inputs, which can not be changed during the period of analysis, and variable inputs, which can be changed.
- Why the standard view is capital as the fixed input and labor as the variable input.
- How fixed and variable inputs are related to the short run and long run.
- Why firms are considered to operate in the short run and long run simultaneously.
- Two alternative production time periods -- market period, in which all inputs and the output is fixed, and very long run, in which all inputs including social institutions and technology beyond the control of the firm are variable.
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SLOPE, GOVERNMENT PURCHASES LINE The positive slope of the government purchases line is also termed the marginal propensity for government purchases (MPG). This slope is greater than zero but less than one, reflecting induced government purchases. The slope of the government purchases line affects the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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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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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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DOC
Department of Commerce
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