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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 3: Scarcity | Unit 4: College Cost
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Page: 13 of 17
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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.- Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
- What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
- Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
- Opportunity cost results from giving up something.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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NELS
National Educational Longitudinal Survey
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