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COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70% of national income.
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Lesson 5: Market Demand | Unit 4: Determinants
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Page: 17 of 20
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Topic:
Ch...Ch...Changes
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The difference between:- Demand, the whole range of prices and quantities
- Quantity demanded, a specific quantity demanded at a specific price.
The difference between:- Change in demand, we are changing, moving, shifting, the entire demand curve, the whole set of prices and quantities is changing. The five determinants change the demand.
- Change in quantity demanded, we have moved to a new quantity on an same demand curve. Only the price of the good changes the quantity demanded.
- This difference lets us analyze cause and effect.
- Don't confuse these two.
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AGGREGATE DEMAND INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate demand, resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the short-run aggregate market results in an increase in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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QML
Quasi-Maximum Likelihood
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