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November 17, 2019 

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IBT: The abbreviation for indirect business taxes, which is the official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes is generally less than 10% of gross domestic product (7-8% is common).

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HEDONIC PRICE: The notion that the price of good is based on an assortment of characteristics that are both intrinsic to the good itself and external to the good. Hedonic pricing is commonly applied to the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

     See also | hedonic | price | hedonic pricing model | satisfaction | utility | wants and needs | second rule of subjectivity | consumption |


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HEDONIC PRICE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: November 17, 2019].


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FOREIGN SECTOR

The aggregate macroeconomic sector that contains everyone and everything beyond the political boundaries of the domestic economy--including households, businesses, and governments in other countries. The primary function of the foreign sector is to undertake external activity that is outside the control of the domestic economy. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and government sector.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for slow moving vehicles with darkened windows.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. "

-- William O. Douglas, Supreme Court Justice

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