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September 17, 2019 

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SELLERS' MARKET: A disequilibrium condition in a competitive market that has a shortage, such that sellers are able to force the price up. Note that a sellers' market does not mean that the lack of competition among demanders have given sellers market control. A sellers' market is a competitive market that is faced with a temporary imbalance between the quantity supplied by the sellers and the quantity demanded by the buyers.

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ECONOMIC GOALS: The five basic conditions of the mixed economy that are generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).

     See also | mixed economy | macro goals | full employment | stability | economic growth | micro goals | efficiency | equity | inflation | unemployment | income distribution | government | three questions of allocation | normative economics |


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INCOME EARNED BUT NOT RECEIVED

The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"You need just the right amount of ambition . . . If you have too little ambition, you don't push or work hard. If you have too much ambition, you put yourself ahead of others, elbow them out of your way. "

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