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BUDGET: A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures. A budget is balanced if the revenues and expenditures are equal. A budget deficit arises if expenditures exceed revenues and a budget surplus exists if revenues are greater than expenditures.
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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 in the course of production. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported in the National Income and Product Accounts by the Bureau of Economic Analysis. The other two are personal income (PI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for infected paper cuts.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. " -- Albert Einstein, physicist
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JET
Journal of Economic Theory
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