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NATIONAL INCOME: The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.
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Lesson 21: Factor Demand | Unit 2: Derived Demand
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Page: 8 of 24
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- The notion of derived demand plays an important role in a number of issues:
- Health Care and Education: The wage paid to each type of doctor depends on the demand for the factor, which in turn is derived from the demand for the output produced.
- Overpaid Athletes: The wage paid to a professional athlete once again depends on factor demand, which is derived from the demand for the output produced.
- The Farm Problem: The demand for the factor services provided by farmers depends on the demand for farm products.
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ACCOUNTING PROFIT The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for high interest rates.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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SCF
Survey of Consumer Finances
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