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PERSONAL TAXES: The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the 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 percent of personal income and about 13 percent of gross domestic product.

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Lesson 4: Production Possibilities | Unit 1: Getting Started Page: 4 of 24

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  • The basic production possibilities analysis.
  • How the production possibilities analysis can be used to (a) help answer the "What?" question of allocation, (b) understand basic macroeconomic concepts, and (c) work with graphical analysis.
  • The four assumptions of production possibilities analysis-two goods, fixed resources, fixed technology, and technical efficiency.
  • The limitations of production possibilities analysis-it tells us what is possible, not what is best.


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DISSAVING

Another term for negative saving the occurs during a given period of time in which consumption expenditures exceed income. Dissaving is only possible by spending past or future income on current consumption. That is, using income saved from previous periods or borrowing income to be earned in future periods. Saving is generally illustrated by the vertical difference when between the consumption line and the 45-degree line. Dissaving results when the 45-degree line lies above the consumption line.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for pencil sharpeners with an attitude.
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The average bank teller loses about $250 every year.
"The best way to cheer yourself up is to try to cheer somebody else up."

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